Total compensation statements are a way to help employees understand how much the employer is investing in them. This goes far beyond the paycheck. As part of your compensation administration, it’s a great idea to include total compensation statements so that employees can understand the full extent of the organization’s investment. This leads to greater employee satisfaction and engagement, and in turn, to less turnover.
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In order to effectively communicate the total value of the compensation package to employees, there are some minimum required elements for a total compensation statement.
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