When marketing your company internally to your employees for retention purposes, it is important to remember that there is much more to compensation than just the hourly wage. Companies often provide benefits and other services to employees, making the employee's total annual earnings quite a bit higher than they realize. Added benefits can include:
- Paid Time Off
- Paid Holidays
- Employer portion of medical, dental, vision, and other supplemental insurance
- Employer portion of FICA taxes
- Employer 401(k) match
A Total Compensation Report is a great way to show employees their complete annual earnings. Managers can easily run this report on the Client Resource Center of WebStep by logging in and selecting HR Reports under the Human Resources tab.