What is Total Compensation?
When most of us hear the term “compensation”, we typically only think of the money we receive in our paycheck each payday. However, “Total Compensation” goes beyond salary, it is the complete pay package for employees. At Virginia Tech, this includes all forms of money, benefits, services, and other “perks” we are eligible for as employees of the university. Total compensation can be defined as all of the resources available to employees, which are used by the employer to attract, motivate and retain employees.
To help you better understand the total compensation provided by the university, we have developed an overview of the various programs available titled Benefits of Working at VT.
Here at Virginia Tech, employees enjoy a total compensation package that far exceeds the value of their base salary alone. As a current or prospective employee, you may not be aware of the amount of money the university contributes toward the cost of benefits, and/or the value of the various components of the compensation package beyond the base salary. To this end, we have put together an interactive Total Compensation Estimator which is available to both current and prospective employees. The "Total Compensation Estimator" provides a more complete picture of the value of your total compensation package at Virginia Tech.
The image below represents some of the key elements which makeup Total Compensation: