by Jennifer Fairweather, Human Resources Director
comments open from July 23 until August 11
When most of us hear the term “Compensation”, we typically think of the money we receive in our paycheck each payday. However, “Total Compensation” goes beyond salary, it is the complete pay package we receive as employees at our work place. This includes money, health care benefits, retirement options, training, flexible schedules, paid time off, work environment and so much more. Total Compensation can be defined as all of the resources available to employees, which are used by employers to attract, motivate and retain employees.
Your annual salary is only one piece of the total compensation package. Think about how much your work place contributes to your medical, dental, basic life insurance, accidental death and dismemberment (AD&D), long-term disability, retirement plan, Medicare and Social Security tax to name a few components. These are all important measures of your Total Compensation that can help provide the value of your position/job. Most employers perform an annual analysis of your Total Compensation; this can include comparisons to other “like” businesses or entities depending on the compensation strategy. There can also be different methodologies used to compare positions/jobs within the market.
The example above lays out some of the things that may be considered as “Rewards of Work." Contact your employer today to find out more about your Total Compensation in order to fully understand the value in what your employer provides, which is more than just a paycheck.