Workforce Resource: Total Compensation Statement & Calculation Sheet
Part of any successful recruitment and retention strategy is having a competitive compensation and benefits package. This is achieved most successfully by providing employees with a Total Compensation Statement.
A Total Compensation Statement communicates and provides an employee with a picture of the value of an employee’s compensation package, including wages and other costs which are typically shown in an employee’s paystub. However, a Total Compensation Statement shows the hidden costs, many paid by the employer on behalf of the employee, such as employer-paid healthcare, retirement, payroll taxes, and other supplements that employers provide. The purpose is to provide employees with the full picture of compensation and arm them with information about how your organization stacks up against your competitors.
Attached are two samples of Total Compensation Forms that can be used by AAA member companies. The forms offer the ability for our members to personalize by inserting their company logo. These are typically issued on a quarterly, bi-annual, or yearly basis.
Total Compensation and Benefits Statement
The Total Compensation and Benefits Statement is a fillable PDF form that performs the calculations as you enter the different compensation-related items. The costs are shown in two columns, one for the employee wages and other costs, and the other for the often-hidden cost paid by the employer on the employee’s behalf.
Total Compensation Calculation Spreadsheet
The Total Compensation Calculation Spreadsheet is also a fillable PDF form that performs the calculations as you enter the different compensation-related items. There is a column that allows the employer to provide a Description of the benefit item listed. The costs are shown in two columns, one for the employee wages and other costs, and the other for the often-hidden cost paid by the employer on the employee’s behalf.
About the AAA Workforce Committee
The AAA Workforce Committee was formed by the AAA Board of Directors with the committee charge to evaluate and assist AAA member companies with the factors that impact the recruitment and retention of qualified EMS employees. If there are compensation or benefit items that we failed to include that you believe should be part of these documents, please let us know!
Send your feedback to email@example.com.