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.
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.
Whether you are a small company trying to improve your employees’ current benefits or you’re shopping for insurance for the first time, there’s no better time to buy health insurance than now. Thanks to the passage of the healthcare bill through Congress, companies with up to 24 workers and an average wage of up to $50,000 are eligible for hefty tax credits if they sign up for employee health insurance.
Unfortunately, many small companies find shopping for health insurance to be a traumatic experience. When employees learn about the new plan, there is always complaining about switching doctors, the cost of the insurance and services that are excluded. While there will always be some dissatisfaction, you can make the process go much smoother by involving your employees from the beginning.
A quick, anonymous survey through a website like SurveyMonkey can help you gauge your employees’ interest in health insurance features. The more detailed your survey, the better idea you’ll have of what your plan should look like.
- How happy are you with your current health insurance situation?
- What features would you change in the current healthcare plan?
- Which healthcare features are most important to you?
- Are you more worried about regular or emergency costs?
- How important are prescription costs to you?
- Many services like optical care are excluded from some health insurance plans. Which services would you like to see in your plan?
- How much would you mind changing your current doctor if it meant a reduction in premiums?
After you narrow your selection down to a few options, have your designated insurance broker come to your office on company time to meet with employees. Health insurance can be confusing, and a meeting with an expert can answer many employee questions and relieve fears before your office gets overwhelmed with confused employees.
After you choose a health insurance plan, show your employees how much it is worth through COMpackage’s Total Compensation Statements.