Surveys show that employees tend to underestimate the amount of money that their employer is spending on employee benefits. It's up to you to make your employees aware of their total compensation package. After all, your employees can't appreciate all those extra dollars the company pays if they don't know about them.
Along with your employees' W-2s for 2006, prepare a list of the amounts that make up their total compensation package. Include paid vacation days, personal days, sick days, and the value of employer-provided benefits such as work clothing and parking.
Here's what your benefits summary might include:
Salary $______
Bonus $______
Pension plan contribution $______
Deferred compensation $______
Medical and dental insurance $______
Life insurance $______
Disability insurance $______
FICA (social security & Medicare) $______
Worker's compensation $______
Unemployment insurance $______
Other benefits $______
Total wages and benefits $______