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Precision Payroll of America, LLC
630.887.3156
877.941.1040
February 19, 2014
PPA Press
by Precision Payroll of America, LLC

Compensation:
What to pay and what your employees should know about it.

It’s a topic everyone cares deeply about, but often, conversations about it are veiled. Yet, it’s critical to a company’s budget, employee satisfaction and recruitment—really, its overall operations and effectiveness.
 
"While many companies have delayed or reduced pay increases or any other changes in compensation or benefits since the recession hit, the economy has now stabilized and it may well be time to revisit your pay structures," says Leslie Day, Precision Payroll’s Director of Human Resources Consulting Services.

Variables to look at include...
Annual Compensation and Benefit Reports

On the iconic TV show from the 1990s, Friends, Rachel, newly minted as a waitress at a coffee shop, excitedly receives her first paycheck, only to exclaim: “Wait a minute. Who’s FICA and why did he take all my money?”
 
Naturally, employees see clearly on their paycheck stub (or online equivalent) a record of their direct compensation, including deductions for tax withholding and the employee’s cost for health insurance. But they don’t see the many other benefits the company pays for them, what we call indirect compensation. This includes the company’s share of health insurance, taxes and retirement contributions, as well as paid time off (vacation time, sick time, holidays) and extras like tuition reimbursement and car allowance. Learn more

   


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