Total Compensation Statement

[ˈtəʊtl̩ ˌkɒmpenˈseɪʃn̩ ˈsteɪtmənt]

A Total Compensation Statement refers to an employee’s total compensation package for an employee; which includes their wages and all other hidden costs that the employer provides.

This statement portions the full picture and figures with employees which may not know the costs they are being compensated with from their employers; usually a total compensation statement is sent to employees at least once a year.

Employers must ensure to provide this statement as it helps the employee to have a full image of costs in regards to their compensation and benefits, it will also help the employer to gain trust and credibility from the employee’s point of view.

Part of speech:
Use in a sentence:
The organization needs a total compensation statement.
Total Compensation Statement