{"id":11303,"date":"2019-04-10T23:09:00","date_gmt":"2019-04-11T06:09:00","guid":{"rendered":"http:\/\/nursemk.wpengine.com\/you-should-present-total-compensation-candidates\/"},"modified":"2022-03-02T14:49:56","modified_gmt":"2022-03-02T19:49:56","slug":"you-should-present-total-compensation-candidates","status":"publish","type":"post","link":"https:\/\/www.nurse.com\/solutions\/blog\/you-should-present-total-compensation-candidates","title":{"rendered":"Why You Should Present Total Compensation to Candidates"},"content":{"rendered":"

When working to recruit and retain nurses, it\u2019s important to communicate why your organization is a desirable place to work.<\/h2>\n

One way to relay why you may be a more attractive choice than competitors, is to convey a full picture of all the perks you offer to employees<\/a>.<\/p>\n

Total compensation is also known as total rewards, as some in the recruiting profession use these terms interchangeably, said Frederick P. Morgeson, PhD, editor of the Annual Review of Organizational Psychology and Organizational Behavior and a Eli Broad Professor of Management at Michigan State University in East Lansing, Mich.<\/p>\n

\u201cThe term total rewards<\/a> is my professional preference as it provides a broader perspective,\u201d Morgeson said. \u201cTotal compensation has more of a focus on pay \u2014 formal monetary base pay. Total rewards encompass not only salary \u2014 hourly, overtime and bonus pay or bonus structures \u2014 it also includes a portfolio of formal benefits, such as the healthcare plans being offered, vacation time given and flexibility in scheduling.\u201d<\/p><\/blockquote>\n

Compensation is not just what you take home in your paycheck, said Sylvia V. Francis, CCP, SPHR, SCP, total rewards manager at the Regional Transportation District in Denver.<\/p>\n

\u201cAll benefits that your employer offers to you have a cost, which the employer pays and is part of your annual compensation from the organization,\u201d Francis said.<\/p>\n

There are other benefits<\/a> in addition to pay rates, health plans, vacation time and scheduling options.<\/p>\n

\u201cAdditional benefits are short- and long-term disability plans that are being offered, matching contributions for 401k, 403b, 457b and 401a plans and pension plans, if applicable,”\u00a0Francis said. “Generally, the cost of benefits equates to an additional 32% of compensation.”<\/p>\n

Francis gives her recruiters the option to include a Candidate Total Compensation Statement when making a job offer.<\/p>\n

\u201cThis has been a successful tool in closing the deal,\u201d she said. \u201cWe also send out annual Total Compensation Statements to our current employees.\u201d<\/p><\/blockquote>\n

Even though Francis\u2019 organization does not recruit nurses, she said, \u201cI find that just like everyone, base\/incentive pay, health insurance and time off are the most important factors in snagging a candidate.\u201d<\/p>\n

\"\"<\/a><\/p>\n

Articulate informal rewards to candidates<\/h3>\n

Pay, benefits and scheduling are the formal side of the total compensation picture.<\/p>\n

\u201cThere is a whole other element that is often neglected and overlooked,\u201d Morgeson said. \u201cThat is the informal rewards an employer offers. Informal rewards, if they exist, need to be described when recruiting prospective job candidates and also communicated to existing employees. Then, you need to deliver them.\u201d<\/p>\n

Informal rewards are the characteristics of a job that enhance the enjoyment one derives from the work, Morgeson said.<\/p>\n

He added the existence of a work environment <\/a>that provides employees with the following qualities is essential for successful recruitment and retention:<\/p>\n