According to the most recent MetLife Study of Employee Benefits Trends, 56% of employers surveyed made no modification to employee benefits materials last year. This means, even though there may have been changes in employee costs and benefits, those changes were not communicated to employees.
Not only that, but the study also says that only 23% of employees are satisfied with their benefits communication. So, of the employers who DO send out benefits communications, 77% must not be doing a very good job of it!
But, why should an employer give a hoot? Because employees who get communications from their employer about their benefits are twice as loyal to that employer. TWICE as loyal. That thought alone ought to save you some costs in employee retention and recruitment.
How often do you update your employee benefits communications? And, just as important, when was the last time you explained to your employees how much their total compensation is worth?
When fifty-five percent of employees report that they do not find their benefits materials clear or comprehensive, clearly an opportunity exists. This is where you can help your employees understand their compensation and further engage them, so they may see for themselves how much your company provides.
*Source: MetLife 9th Annual Study of Employee Benefits Trends
Part of your benefits communications should also be showing the COSTS associated with employee benefits. Do your employees know how much they’re benefits cost? Do they see the rise in costs every year in workers compensation, state insurance, health care? Do employees realize that the extra three days off they were given this year in vacation pay is actually costing the employer money by not having that employee at their job? This is also part of their total compensation.
The more communication you can provide to your employees, the better they will understand your company. In fact, you will also understand your company better if you were to add up all the costs that go into an employee’s total compensation. COMPackage total benefit statements provide over 60 benefit costs that most employers don’t even consider when adding up the costs of their employees. By adding up all of these costs, businesses are better equipped to make good decisions.
Would love to know your thoughts about this topic — how has employee benefits communication strengthened your relationship with your employer/employees?
When I began making further use of social media sites like Twitter, Facebook, and LinkedIn earlier this month, I quickly found out how unsuitable a rectangular-shaped logo can appear, given that these social media networking websites only allow companies to have a small logo space on their profile page.
This led me to have a new logo designed, specifically for these social networking profile pages. What the heck – the current logo needed a facelift anyway, since it was originally created when our product included pie charts instead of our current bar charts. I employed an agency to come up with a few (14) designs. Now, the thing about logos is that they should look good, whether they are spread about on a full page magazine advert or reduced to 100 pixels of a tiny icon on a computer screen. That can sometimes be a difficult challenge, but it’s important to think about before deciding on a permanent logo, a fixture of your business, your brand.
After many designs were created, much deliberation ensued. In deciding the overall design of the logo, the idea of a “C” appealed to me, since COMPackage begins with a “C”, of course. And it also stands for “compensation”. And “cash”, come to think of it. But the larger question was, ‘how can the logo encompass the “employee benefit statement” aspect?
I originally liked the idea of having a bar graph inside the “C”, but this ended up looking more like some sort of a ratings bar chart, and it didn’t hold up in micro size. And COMPackage used to use pie charts to display the , (because pie charts are preferred by employers, but more difficult for employees to understand, based on focus group studies that we did in 2008).
But this “C” icon made more sense for the brand and the image that I want people to have of COMPackage and employee benefit statements, in general. To further drive home the point that ALL compensation, benefits, and “perks” should be included in employee benefit statements, there is a “core” to the “C”, with an outer wrap around the “C”. The core “C” encompasses the base compensation, or the meat of an employee’s compensation – the salary, commissions, bonuses, and holiday pay. The outer wrap signifies all the add-ons and the extra benefits employers and employees don’t normally consider as part of their compensation: healthcare, auto, technology, training, food, and other specialized company benefits that are rarely understood because they never get discussed.
I hope that the new logo is visually appealing to you, but that it also holds meaning for you like it now does for me. So, when a business owner or HR Manager thinks of COMPackage, they may now also think of how to better communicate to their employees — by letting them know all of the pieces of the “pie”.
Let me know: what do you think of the new logo?