Valuing the full package of employee compensation

Salary is often the number one issue when it comes to determining employees’ compensation, and rightfully so, as salary typically makes up 60 percent of a total compensation package. What about the other 40 percent?

Much of the other 40 percent is in employee benefits such as paid time off, medical care, and retirement plans. This makes benefits an important element of compensation plan design. In the CBIZ BizTips video below, I discuss several factors to consider when thinking about benefits in the employee compensation package.

Some key issues covered in the video:

• Types of compensation and benefits provided to employees
• Balancing employee compensation with benefits
• Determining a total compensation philosophy
• The critical link between compensation and benefits