If you are either preparing bonus calculations, or trying to ensure that a valuable employee stays with you, you might consider preparing a “Non-Cash Salary” presentation, by which you explain the dollar value of the compensation your Company provides in addition to the paycheck.
This is frequently no more than information on the cost of benefits: health insurance and any matching Company contributions to retirement plans. But it should also include the Social Security match, Employer-sponsored life insurance, commuter benefits, Workmen’s Compensation and Disability insurance premiums, etc. You can present this information either on an employee-by-employee basis, privately, or by taking averages and presenting it to the group. Either way, it is an effective way of showing your employees that you are already “paying” them in ways that don’t show up in the paycheck. It isn’t a “bonus” but it is an addition to salary. They will almost certainly be surprised; it’s a good way to remind employees that their compensation is more than what they think it is.
In the coming months we’ll talk about using Non-Cash Compensation (perks and extras, not just non-cash salary) as a way to distinguish yourself from the competition and incentivize top Employees to stay with you.
In the meantime, I wish you and yours a happy, healthy Spring.
At TMF Law Offices, we mean Business. | 646 -262 -5352 email@example.com