INTRODUCTION
Every two weeks employees receive a message that is just as uplifting as it is depressing— a paycheck. In that paycheck, something critical happens. In addition to seeing their salary, employees see everything that’ s being taken away from them. From taxes to insurance premiums, the paycheck serves as a reminder of money and value that is walking away from the employee— all the de facto deductions imposed on them. Yet the numerous valuable benefits and subsidies employees receive are often not appreciated or seen.
On average, salary comprises only 69 % of an employee’ s total compensation( Source: BLS, Employer Costs for Employee Compensation Summary, Dec 2016). Employees don’ t see the other 31 % of non-cash value, composed of valuable items such as training, vacation, healthcare subsidies, electronics, remote working equipment, or even the fancy espresso machine in the break room.
For busy healthcare professionals, with little time for anything other than seeing patients during their shifts, it is easy to ignore the value of these unseen benefits. Yet imagine if nurses, doctors, administrators, and other staff saw nearly a 50 % increase in their paycheck’ s value simply by seeing the true value of these unseen benefits. How could that influence retention and engagement? Would employees still demand the same level of cash / salary increases year after year?
A Partially Invisible Paycheck
31 %
Hidden Value
69 % Visible Value
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