Though your benefits package may be quite substantial, your employees may not know it or may not understand some of the benefits you offer. Helping employees understand their total compensation can raise morale and increase loyalty to your company.
To assist your employees in fully comprehending their benefits package, consider providing a total compensation (benefit) statement. This communication highlights the monetary value of your benefits package, including those perks that may be overshadowed by traditional benefits, to give an overall view of your benefits package. Total compensation statements have long been popular with larger organizations but are seldom used by small to midsize employers because of cost. Our state-of-the-art HR technology now makes providing these statements to your employees easy and affordable. A typical total compensation statement may include information about the following:
- Salary
- Bonuses
- Commissions
- Stock Options
- Stock Grants
- Employee Stock Purchase Plan
- Retirement Plan
- Social Security Contributions
- 401(k) Matching Contributions
- Paid Time Off
- Coverages for Health, Life and Disability
- Wellness Rewards (Discounts, cash bonuses, etc.)
Benefits of Total Compensation Statements
- Increase employee awareness of their benefits and how much those benefits cost the company
- Provide a dollar amount for benefits that do not seem to have a tangible monetary value, such as dry cleaning services
- Promote the idea of total compensation, beyond just the paycheck
- Raise employee morale because they tangibly see the array of benefits being offered by their employer
- Higher retention rates by employees
- Reduce the workload for Human Resources professionals by eliminating the need to manually prepare, print and mail statements to each employee
- Show potential recruits their total calculated compensation on top of their base compensation to make your organization more competitive in the hiring process
How Can My Company Obtain Total Compensation Statements for Our Employees?
Broad Reach Benefits provides you with several options for creating Benefit Statements for your employees. We have a complete system that provides you with everything you need to create professional looking statements in-house. We’ll provide you with samples, documentation and excel templates to guide you through the entire process. Or, Broad Reach Benefits can provide a turnkey solution and handle the entire process for you.
Contact Broad Reach Benefits for assistance with your Total Compensation Statements. We have a wide array of solutions for you to share with your employees..