This is the time of year when many of our clients are doing year-end feedback (performance reviews, career conversations, whatever you call them!) and evaluating compensation changes. We suggest creating total compensation forms that show employees the full investment you make:
• Salary
• Incentive compensation
• Commissions
• The value of PTO, paid holidays, and other paid leave
• Contributions to retirement plans
• Contributions to insurance premiums (eg. health insurance, life insurance, etc.)
• Employer portion of FICA
• Other items (team trips, technology allowance, cell phone reimbursement, etc.)
The total compensation form is a great way to show total compensation and how it changes annually.
– Molly Eyerman, Founder + CEO, VIVO Growth Partners