One of the beautiful things about integrated total compensation is that it\u2019s easy to get \u2013 you can buy if from any one of hundreds of vendors. (there are probably only a few dozen who actually do it well though). I said it\u2019s easy to get, not necessarily easy to do.<\/p>\n
Total compensation is really a mix between current cash that you can get out of your payroll system, current benefits you can get out of your benefits system (but sometimes you\u2019ll need the individual benefit vendors) and your retirement and equity plans. Unfortunately for the last, you\u2019ll almost definitely need those vendors to give you current snapshots of employee account balances.<\/p>\n
The first item of beauty is simple \u2013 employees never realize how much you as an employer spend on them. From free wages (vacations and sick) to taxes and benefit contributions, your rates are usually at least 20% higher than what the employees see on their checks.<\/p>\n
The second item of beauty is also somewhat obvious – Total compensation is not only a representation of the total worth of the employers and employees contribution to current cash and future investment, it\u2019s also a tool that allows projections and planning to be made. By allowing employees to model future net worth based on retirement and stock, you are able to give them a picture of wealth that serves as a deterrent from taking a job with another company purely for pay.<\/p>\n
Once again, good integration drives employee engagement and retention.<\/p>\n","protected":false},"excerpt":{"rendered":"
One of the beautiful things about integrated total compensation is that it\u2019s easy to get \u2013 you can buy if from any one of hundreds of vendors. (there are probably only a few dozen who actually do it well though)….<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","footnotes":""},"categories":[30,2,7],"tags":[],"class_list":["post-518","post","type-post","status-publish","format-standard","hentry","category-compensation","category-hr-technology","category-portal"],"_links":{"self":[{"href":"https:\/\/systematichr.com\/index.php?rest_route=\/wp\/v2\/posts\/518","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/systematichr.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/systematichr.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/systematichr.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/systematichr.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=518"}],"version-history":[{"count":0,"href":"https:\/\/systematichr.com\/index.php?rest_route=\/wp\/v2\/posts\/518\/revisions"}],"wp:attachment":[{"href":"https:\/\/systematichr.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=518"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/systematichr.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=518"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/systematichr.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=518"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}