Christine Gosser,
SPHR, GBDS, REBC,
Employee Benefits Team Lead
If there’s one thing I know from being an Employee Benefits practitioner, it’s that most employees don’t fully understand the depth and breadth of benefits offered by their employer.
Though your benefits package may be quite substantial, the effort you put into designing a competitive benefits program may fall flat if your employees don’t understand its true value
To assist your employees in fully comprehending their benefits package, consider providing a total compensation (benefit) statement.
Total compensation statements highlight the monetary value of your benefits package, including the perks that may be overshadowed by traditional benefits.
Typical total compensation statements may include the following: Regular Pay, Bonuses, Commissions, Stock options, Stock grants, Employee stock purchase plan, Social Security contributions, 401(k) matching contributions, Paid time off, Coverages for health, life and disability, Wellness rewards (discounts, cash bonuses, etc.).
Providing these statements increases employee awareness of how much the company spends on their benefits. Informing employees of the behind-the-scenes expenses that the company covers can increase retention rates and morale. Personalized statements showcase the employers investment in their employees, and can show employees how they might take better advantage of benefits offered by their employer. Are they taking full advantage of a 401(k) or HSA match?
We have helped our clients design and distribute total compensation statements for their employees. We’d be happy to help you, too.
Get up-to-the-minute news sent straight to your device.
Please disable your ad blocker, whitelist our site, or purchase a subscription
Thank you .
Your account has been registered, and you are now logged in.
Check your email for details.
Submitting this form below will send a message to your email with a link to change your password.
An email message containing instructions on how to reset your password has been sent to the e-mail address listed on your account.
Thank you.
Your purchase was successful, and you are now logged in.
| Rate: | |
| Begins: | |
| Ends: | |
| Transaction ID: |
A receipt was sent to your email.
Commented
Sorry, there are no recent results for popular commented articles.