Most employees think of compensation primarily in salary terms, but how aware are they of the total cost of their compensation package? And are employers properly communicating the value of benefits?
To find the average cost of providing benefits like health insurance, sick leave, vacation days, and social security to private industry employees, we analyzed data from the Bureau of Labor Statistics. The results showed that on average, for every hour employees work, employers spend $10.41 on total benefits, including $2.73 on insurance plans, $2.40 on paid leave, and $2.65 on legally required benefits. This amounts to about 29% of an employee’s total compensation package.
