A total compensation statement is a document that provides employees with a view of their compensation beyond just wages or salary. It’s meant to give employees a complete picture of what the company has invested in them. It details not only base pay but also bonuses, paid time off, health and wellness benefits, retirement program matching, and any other perks that are funded by the employer.
If you decide to provide a total compensation statement to your employees, we recommend explaining the purpose of the document to them and preparing managers to answer questions that may come up.
This Q&A does not constitute legal advice and does not address state or local law.
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