Archive for the ‘Total Compensation Report Software’ Category



When is the Best Time to Give Employees a Total Benefit Statement?

by Joe Blattner | November 24, 2011

If you’re like most business owners or HR Managers, you know that communicating with employees about their salary and benefits is always a touchy subject. It’s best to plan accordingly and ensure that the timing is appropriate. But when is a good time to tell employees what their salary, health benefits, sick time, vacation time, and countless other perks are worth? Well, the answer is…it depends.

total compensation statement time

There are several different occasions and times of the year when your organization may be best suited for giving employees their total compensation reports. Given that a detailed summary of employee benefits is a boost to morale, the Holiday Season or New Year can be a great time to give employees the gift of a complete rewards statement. Although an annual benefits report is sometimes adequate, there are many other times throughout the year when a total compensation statement can help attract, retain, and positively impact your employees.

Hiring

First impressions are always important, and the way you welcome a new employee to your company is no exception. That’s why hiring can be an excellent time to present a total compensation statement. Letting a new or potential employee know just what you’re prepared to provide, even beyond their regular salary, is a great way to get that new relationship off to a solid start. In addition, employees who are comparing other offers can fully see what your company is offering them, and if the competition doesn’t provide a total compensation statement, your company is going to be viewed as the better choice.

Promotions or Raises

Another good time to discuss benefits is during a promotion or request for a promotion. Oftentimes in such discussions, the focus is solely on the actual wages offered or sought. However, it is wise to also emphasize the other benefits an employee is receiving outside their paycheck, such as paid sick time, free parking, a laptop, cell phone, or several other perks. Even intangibles like flexible scheduling can and should be part of the discussion, since they contribute to the overall employee welfare, contentment, and productivity.

Reviews

Annual or semi-annual performance reviews are also an excellent time to bring up total compensation. While discussing what the employee has done for the company, you can also showcase the full dimensions of what your company is providing. A comprehensive total compensation statement can boost morale and employee loyalty, and makes an excellent accompaniment to any words of encouragement that you may offer during a review.

Significant Life Events

There are some events in life that have a direct correlation to employee benefits. Occasions such as marriage or divorce, starting a family, illness or approaching retirement can be opportune times to present a total compensation statement. Since an employee may become eligible for additional benefits at these times, taking the initiative to let them know what they qualify for and what they receive is a great way to show that you’re truly looking out for your team.

Remember, the full measure of benefits your employees receive far exceeds their actual wages. This is good news, so share it freely!

Buying Options When Purchasing Total Compensation Statement Software

by Joe Blattner | November 8, 2010

Today, a simple online search will turn up a number of companies claiming to offer you the best solution for producing total compensation statements. While some of these solutions offer a few nice features, many lack the basic functionality required to produce a truly useful total compensation statement. When you’re considering  total compensation statement software, use this checklist to make sure it has the features that matter most to you.

Is Total Compensation Statement Software Easy to Use?

You don’t have the time, money or Computer Science degree necessary to effectively use many compensation statement solutions. To get the best return on your investment, take a close look at a couple different solutions and choose the one that is easiest to understand while still offering robust features. Most compensation software solutions will provide a demo or a sample — make sure you look closely at each and compare the products before making a purchase.

How Much Can I Customize Employee Benefit Statements?

You should be able to customize as much as you want. Simple, “free” software for creating reports may not be flexible enough to provide real value to employers. Make sure the solution you choose allows you create custom reports for every employee in your company; otherwise, your incomplete statements could end up doing more harm than good.

How Secure Is It to Use Total Compensation Statement Software?

If you can’t verify that a total compensation statement software is 100% secure, then you need to move on immediately. You don’t need the headache of dealing with leaked employee information due to insecure online software.

Does the Software Include Pre-Loaded Benefit Ideas?

Pre-loaded benefit fields in a software solution can help you remember that you not only offer 401(k) and dental insurance, but also benefits like free parking, tuition reimbursement and weekly lunches. These more obscure perks can really add up and make a huge difference to your employees.

Can I Quickly Upload Data Using Compensation Reporting Software?

If you run a medium to large business, you may be dreading the task of entering information on every single employee into a reporting program. If you run a larger company, look for total compensation statement software that allows you to import data directly from an Excel file.