Employee Compensation: Know the true costs of employment and optimize them to benefit employers, employees
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Center for Advanced Human Resource Studies
KEY FINDINGS · While most employees—and possibly some employers—think of employee compensation primarily in terms of “wages” or “salary,” many employees’ total compensation packages add up to a significantly larger figure. · Many employees don’t understand the actual costs of their total compensation packages. · Many employers do not adequately communicate to employees the cost of benefits they provide. · Different employees place different values on specific benefits. · Offering choice over the mix of compensation has some costs, but can benefit both firms and employees.
Employee Engagement; HR Strategy; compensation; benefits; employer cost of compensation; value of employee benefits; retention