Posts Tagged ‘total compensation statement software’

Employee Benefits Communication Breeds Workplace Loyalty, According to MetLife Study

by Joe Blattner | May 12, 2011

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?

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.