Managing the Competitiveness of Total Remuneration
- Tags:
- Benefits,
- Compensation,
- Hay Group,
- Human Resources
- Source:
- Hay Group
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Overview: Organizations can maximize their return on reward investment by ensuring that employees understand and value all components of their compensation package. Today, the average U.S. employer spends 38 percent of payroll on total benefits. Of this, approximately 25 percent funds pensions, medical and life insurance, retirement savings plans, social security, workers'compensation insurance, and unemployment compensation. Paid time off, vacations, holidays, and sick leave represents the remaining 13 percent. As the cost of benefits continues to grow, employers need to ensure that their total remuneration package - the sum of all direct and indirect compensation they offer their employees - is competitive and appreciated. A total remuneration approach toward designing, delivering, and communicating compensation is essential to attracting, retaining, and motivating employees, managing ever-rising benefits costs, and achieving maxim return on reward investments.
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Format: HTML & PDF | Date: Jun 2004 | Pages: 1
