Total Compensation Statement Sample Setup & Administration (Doc ID 376680.1)

Last updated on MAY 23, 2024

Applies to:

Goal

TOTAL COMPENSATION STATEMENT SETUP & ADMINISTRATION

Total Compensation Statements (TCS) are tools that employers can use to communicate compensation, rewards, and benefits to employees. They provide snapshots of the employee's total compensation package which may include cash compensation, equity compensation, employer sponsored benefits, and paid time off, for example. Total Compensation Statements show employees that compensation is much more than what they see in their paychecks. Since most employees are not informed about how much their employer pays in taxes or benefits premiums on their behalf, seeing the total cost of their employment helps to motivate and retain employees as well as build employee satisfaction.

Total Compensation Statements are highly configurable. You can display actual payroll data in your total compensation statement as well as estimated amounts. You can organize compensation on the statement however you choose, display charts and graphs, and include any type of compensation you wish.

To an extent, this sample setup document will guide you in recreating a sample statement provided later in this document. The actual steps you must follow to create your own statements depend upon the compensation information you choose to include, where in the system you store compensation information, and how you choose to organize the statements you present to your employees.

Solution