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59% of employees feel their salary has not maintained pace with the rising cost of living. You also don’t want to have to continually replace people who leave for a better salary – it’s costly and time consuming to recruit and train new employees. But increased salaries may not always be feasible.
In 2012, the average debt for a four-year public college degree was $25,500. Will you match the employee’s contribution up to a certain amount annually, much like a 401(k) company match ? If you hire two recent graduates and one has student debt and the other doesn’t, will you offer the non-debt-laden employee extra salary?
Other deductions that impact take-home pay include: 401(k) or other retirement contributions. If they are salaried, divide annual salary by the number of pay periods per year. For example, calculate a biweekly employee’s gross pay by dividing their annual salary by 26. Medical, dental, or health insurance premiums.
Compensation and Benefits: Compensation Planning : Helps design and manage salary structures, bonuses, and other forms of compensation. In 2012, Ceridian acquired Dayforce, solidifying its position as a leading provider of HCM solutions. In 2001, SAP SuccessFactors went public in 2007 and was acquired by SAP in 2012.
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