If you asked your employees how much they are compensated, they’d probably reference the salary or hourly rate they earn. However, the true essence of a compensation package encompasses more than just wages. This is like a “Hidden Paycheck”.
Moore Benefits provides clients with The Hidden Paycheck report, which is a line-itemed summary of an employee’s entire compensation package. It includes an employee’s health plan costs, ancillary benefits such as dental and life insurance, paid time off, and paid holidays. Plus, many employees forget that as an employee, the employer pays half of their FICA tax burden.
This report, when given during salary discussions, becomes a timely reminder of what an employee is actually earning. When given throughout the year, it can be a way to continuously market your business to current employees, and can be a real eye-opener.
One of our major initiatives at Moore Benefits is educating employees on their benefits, which includes sharing the full scope of their compensation package. Providing employees with a Hidden Paycheck report is a great way to communicate the true value of working for your company. Here’s a sample benefit summary that we provide our clients for each of their employees:
Additionally, one of the new provisions in health care reform requires employers to report the cost of health care coverage on employees’ W-2 wage and income statements. Since we already provide our clients with this information, it will be incredibly easy for them to comply with the mandate by just turning over the data to their accountants.