HR Hot Topics: Communicating TOTAL Compensation to Employees

Human Resources Services

Medicine is a noble profession. Physicians work selflessly for the good of their patients. But the reality is physician business owners have the added responsibility of managing employees. When you employ a team of people, you have responsibilities to them and to the state and federal governments, including compliance with various employment laws, state and federal taxes, unemployment insurance, worker's compensation, and health and safety standards, including compliance with various employment laws.

As an MSMS member, you have exclusive access to a variety of human resources services to help you navigate these pressures like a professional. These services include:

  • In-depth consultation services from a certified human resources professional
    • Via phone, email, or an onsite visit; and,
    • Thirty (30) minutes of FREE consulting available for your use each month.
  • MSMS’s Human Resource System for medical practices
    • Fully customizable handbook template;
    • Employee forms and checklists;
    • New hire paperwork; and,
    • Sample documents (job descriptions, performance appraisals, disciplinary notices, requests for leave, etc.)
  • Employee benefits information and member programs through MSMS Physician's Insurance Agency and MSMS Practice Solutions.

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HR Hot Topics: Communicating TOTAL Compensation to Employees

Tuesday, June 14, 2022
This month’s HR Hot Topics describes the value of using total compensation statements to give employees the full picture when it comes to their pay package. Often employees are only aware of the direct compensation they receive in the form of W-2 wages and use this number when evaluating the competitiveness of their current pay. However, employers enhance hourly/salary rates with indirect compensation as well, like paid time off, uniform allowances, health and wellness benefits, etc. Unfortunately, the value of these benefits is rarely communicated. In a labor market this tight, failing to provide current and potential employees with the dollar value of their TOTAL compensation (direct + indirect pay) is a missed opportunity.
 

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