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11 posts from December 2009

December 02, 2009

What's in your hidden paycheck?

Don't expect a raise in 2010. That's the bad news. The good news is that you might have a hidden paycheck. The hidden paycheck is made up of benefits that don't necessarily show up on a paycheck stub. They are things like health benefits, sick and vacation days, education reimbursements, discount auto-purchase plans, 401 k matches, disability insurance, workers' compensation, etc. When you add those things up, they can total a hefty sum. But many workers don't value their hidden paycheck because they don't fully know or understand its worth.

Want to know what's in my hidden paycheck?  If I were to make a pro-con list for a job, my hidden paycheck would include everything on the pro side -- work/life benefits like flexibility have a dollar value to me.

George May International, a management consulting firm, surveyed more than 1,000 businesses and found 77 percent will not be giving raises in 2010. Rather than lose a valuable worker to a company offering a better wage, employers should remind employees of the value of their hidden paychecks.

Here are some retention ideas for small business owners recommended in The Costco Connection:

* Distribute personalized benefit statements for each employee

* Empower employees by asking for their input on company initiatives.

* Considering offering occasional extras such as end-of-the week parties or in-house contests.

* Convince employees to believe in the mission of what the company is trying to accomplish.