Compensation Statements
Compensation statements is the compensation history of an employee, including all employer-provided benefits and rewards, throughout the fiscal year.
Updated: November 22, 2023
Compensation statements is the compensation history of an employee, including all employer-provided benefits and rewards, throughout the fiscal year. A full picture of how an employee is being compensated by their employer based on pay and benefits is provided in these statements.
Compensation management software is used by an organization once these statements are obtained to visualize and store all data, better align compensation budgets, and use the data provided for reporting purposes. Benefits administration software can also be used to showcase all benefits data, and offer a benefits portal to ensure employees can access all necessary benefits plans and packages. It can be made easy for employees to enroll in the benefits they care about most. Administrators can create total statements from compensation history information to share with relevant company stakeholders by using these tools.
Direct compensation, Indirect compensation for taxes and Indirect compensation for benefits are three types of documents depending on the information needed and the purpose.
Employees are allowed to know if they are being paid fairly and how their compensation and benefits are compared to what other organizations are offering their employees by using this software. Company can demonstrate how they are investing in their employees with data and potentially identify areas that need improvement.
Types of compensation statements
- Total Compensation Statements (TCS)
- Benefit Statements
- Executive Compensation Statements
- Sales Compensation Statements
- Employee Compensation Statements
- Variable Pay Statements
- Incentive Compensation Statements
- Performance-Based Compensation Statements
- Reward Statements
- Bonuses and Commission Statements
