When selling the employment opportunity or relationship with your company don’t overlook the how you contribute to your employees’ economic wellbeing! Always remember that there’s a great deal more to your employees’ compensation than just an hourly wage or salary. Your company probably provides benefits and other services to your employees, that makes their total annual earnings quite higher than they realize. Added benefits can include:
• Paid Time Off (not required by law)
• Paid Holidays (not required by law)
• Bonuses (additional income)
• Medical, dental, vision, and other supplemental insurance (affordable coverage for you and your family).
• Employer portion of FICA taxes (for their Social Security and Medicare benefits)
• Workers’ comp coverage (for medical & indemnity wages)
• State & Federal Unemployment Insurance coverage (in the event they lose their job).
• Employer 401(k) Plan (tax free contributions for retirement)
The “Total Compensation” your employees receive is often misunderstood or under appreciated. Ask your PEO for a report that clearly shows your employees how much you invest in them each pay period. You and your employees may be surprised.