Are You Having Trouble Retaining Employees? Total Comp Statements May Help

People are leaving their jobs for new positions with a 25-cent raise, and it can be hard to blame them with inflation how it is and so many companies hiring. For businesses, retaining your employees and having a happy workforce is key to productivity. If you’ve experienced employees leaving or are concerned about it showing them their hidden paycheck can increase employee satisfaction.

A hidden paycheck can be shown through a Total Compensation Statement, which shows your employees the money your company is contributing to them. These often contain insurance, 401k, PTO, and other benefits employer contributions values. Putting these together adds a significant number to the compensation value people feel they are receiving.

Overall, when your employees feel like you care about them and are being treated well, they will be less likely to leave, and it creates a more productive environment. Also, it is just a nice perk to provide people with so they know what they are receiving, and what they could be taking advantage of that some may be unaware of. If you’d like to know more or could use some help setting up your company’s Total Comp Statements, feel free to reach out to me.

Written by: Xavier Bodnar

G. Kevin Nemith , Hilb Group Delaware