Posts Tagged ‘benefit statement software’

Should Small Companies Consider Employee Benefit Statements?

Is your company too small for employee benefit statements? Many small companies show an interest in benefit statements, but may fail to provide them due to mistakingly thinking there is too much cost or trouble involved in generating reports for a small number of employees.

In reality, employee benefit statements can help companies of all sizes, and still be affordable and well worth the cost. Many small companies have found great success with easy-to-use benefit statement solutions. But how can these statements meet the specific needs of small companies in particular?

Compete with the Big Boys

Many small companies find it difficult to keep their best employees because they feel they can’t offer the same level of compensation as their larger competitors. Employee benefit statements make it much easier to retain employees, since it can show them just how much their benefits are worth, before they start considering another job that seems to offer more compensation. Most employees are impressed by only their salary figure, plus a few base benefits, but by showing employees a total compensation statement, that includes all perquisites of the job, employees will think twice about moving on to a larger company, a company that may not actually have more to offer.

Use a Simple Solution

Chances are good that if you’re a small company, you don’t have someone on staff with the expertise to handle a highly technical employee benefit solution and you can’t afford to outsource this task to an outside firm. Through a simple online total compensation reporting solution, even small companies with little technical expertise can show their employees how much their benefits are worth.

Highlight Unique Benefits

As a small business, you may be offering a number of benefits that larger companies simply can’t. For example, do your employees enjoy free parking? Employees that work in large downtown offices often pay more than $50 each month for parking. Do you offer company cell phones, flexible scheduling or continuing education compensation? Highlight each of these benefits unique to your small business through an employee benefit statement.

Learn more about total compensation reports for small companies, or access a demo to find out if it’s the best match for your company.

How Can Benefit Statement Software Help Reduce My Turnover?

The need to reduce turnover is greater today than ever before. As the first of the Baby Boomers turn 60, many are beginning to retire. The generation just now entering the workforce contains about 33 million fewer individuals, meaning that employers are finding a much smaller pool of talent to choose from. This smaller talent pool makes hiring quality employees much more expensive.

To make matters worse, studies show that as the economy starts to turn around, employers will start to see higher turnover. Many employees have reported that they’ve stayed in their current positions because they had nowhere else to go, but they’ll start looking for better opportunities as soon as the job market turns.

In a survey by the Society for Human Resource Management, these employees were asked why they planned on searching for a new job as the job market gets better. The number one response given was that they were seeking better compensation and benefits.

While you may not be able to retain your employees by raising salary or offering more benefits, you could make them think twice about accepting other job offers by providing them with detailed benefit statements. You know the value of the benefits you provide, but chances are your employees do not.

By showing your employees the monetary benefits of their health insurance, 401(k), time off or even perks like free parking or cell phone service, you’ll readjust their perception of their current situation. This can help reduce turnover and, in turn, drastically reduce your hiring budget. The costs of employee turnover do not have to be such a burden.

View a demo to learn more about how can help you reduce turnover.