Employees often don't realize how much their benefits cost. A benefit statement — or "total compensation statement" — can be an effective way to communicate the true value of your employee benefits package to your employees.
Studies indicate the average cost to replace and re-train one employee to $10,000. Total Compensation Statements increase employee retention by helping employees understand and appreciate their benefits package. These customized statements can save you more than their cost if even just one employee is retained by an enhanced awareness.
Total Compensation Statements improve morale and appreciation throughout the company. Employees do not know the full value of their benefits, and they often value the opportunity to see exactly what benefit amounts they are entitled to under various circumstances. An individualized statement is like several meetings with a financial planner at a fraction of the cost. Employees can see exactly what coverage they currently have and identify what additional coverage they might need to secure on their own.
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Communicate Cost-Effectively
Companies spend millions of dollars on their employee benefits programs. The extra cost to effectively communicate the program to your employees is a relatively small investment in putting your program to work. Surveys indicate the average employee receives more than $10,000 in extra compensation through employee benefits, yet many companies spend less than $10 per employee to communicate the information. A Total Compensation Statement assists employees in better utilizing their benefit programs, and the statement that employees receive is a benefit in and of itself.
Contact us to bring benefits statements to your company.
