November 12, 2019
When it comes to presenting a total compensation package to new or potential employees, managers should include insurance benefits, retirement benefits, paid vacations, and any other benefits the company provides. Many companies reduce benefits to save money, so if you’re providing a well-rounded insurance package, be sure to explain the benefits clearly. This could set you apart and increase your chances of reaching the best employees in your industry.
Unlike healthcare insurance, workers’ compensation coverage is fully paid for by the employer. This is a valuable benefit that most employees don’t fully understand, lumping it in with other insurance. Hiring managers should be well-versed in how to explain the benefits of coverage not only to new employees but also to job candidates.
While exact coverage varies by state, most offer the following benefits as part of workers’ compensation:
If your company goes above and beyond the typical coverage, be sure to explain that to new employees and job candidates.
In addition to base pay, bonuses, and workers’ compensation, Total Compensation includes the value of the benefits a company pays for the employee. Every company varies in what they offer, but all benefits have a monetary value that should be considered a differentiator. Some examples include:
If you want support explaining workers’ compensation coverage to your workforce, don’t hesitate to lean on our expertise. We understand the complexities of coverage! Contact Us Today!