Total Compensation Statements as a Tool to Communicate Total Value

Lorman Education Services

Learn how total compensation statements can help you communicate the true value of your company’s compensation and benefits packages to employees.

Often employees look at their base salary as the total value provided by your organization. Retaining employees is the number one issue of business today, and often they leave for a few cents in base pay. Creating customized compensation statements for your organization can be a valuable communication tool. Generally, total compensation ranges from 30 to 50 percent above base compensation for an organization and most employees are unaware of the benefit.

This information will help you understand the value of creating total compensation statements as well as the process for information gathering, data management, and printing and production of the final statements.

Learning Objectives:

• You will be able to discuss what makes up compensation.
• You will be able to describe what a communication vehicle is.
• You will be able to review data assembly.
• You will be able to identify the tools available for statement creation.

Faculty: Lori Kleiman, SPHR, Managing Director, HR Topics

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