Remuneration is the total value of the benefit awarded to an employee through their employment. Whilst the headline reward for employment is its salary or wage there are additional rewards such as paid leave or gym memberships that enhance the value of the position.
For employees some benefits will incur additional taxation and can be subject to specific regulations. For employers offering additional benefits beyond a basic salary package can help reduce the time take to fill vacant posts and boost staff retention levels.
It is important that an organisation monitors the value of total Remuneration both in total and for specific roles. The value of remuneration within specific roles should be monitored carefully in order that they achieve the attended goal. The proportion of value a benefits package represents to a position with a high basic salary can be very different to that of a position with a low basic salary. This may result in providing an overly generous benefits package to some roles and too little benefit for other roles.
This calculator totals the remuneration for an employee or all employees and provides some basic analysis.
The formula used in the calculation is:
Total Remuneration = Financial Benefits + None Financial Benefits
Total Remuneration Calculator