In today’s competitive recruitment landscape, an employer like you should not only value your employees; you should also make it clear to your employees just how much you value them. It sounds like common sense to do so, but you’ll be surprised at how many employers fail to let employees know the exact monetary worth of their total compensation package. Minor benefits like summer Fridays or corporate discounts are always appreciated, but also often underestimated. As a result, employees don’t often realize what they’re getting.
Thus, it’s important for your company to use employee benefit statement software to break down and keep track of employees’ benefits. Using such software helps with the recruitment of new employees and the retention of existing employees. Here are a few reasons why.
1) Transparency – As mentioned, employees appreciate their benefits more if they know exactly what they’re getting. Even non-monetary benefits like mentoring programs and flexible schedules have monetary equivalents, and employees should know about those. People pick and stay at a job for more reasons than money; but there’s no denying that money plays a big part, so it’s best for your company to emphasize that.
2) Spotlight – Some benefits are unique enough to deserve being highlighted; otherwise, they may end up being taken for granted. A few examples of such benefits are free parking, wellness plans, and pet care. These are not considered core benefits, but some companies offer them to motivate employees. But because these are not core benefits, they need to be brought to attention to employees in their employee benefit statements.
3) Automation – Newly added, removed, or updated benefits are automatically reflected in the employee benefit statements, so that employees always see the most accurate listing and calculation of their benefits at any given moment. At the same time, you don’t need to manually adjust statements each time there is a change in benefits when you use employee benefit statement software. It’s a win-win situation for everyone involved.
4) Awareness – Benefits can go unused if employees are either unaware these exist in the first place, or they know but simply forget later on. However, using employee benefit statement software changes all that. Employees can quickly check which benefits they have and haven’t used yet, and also how to use them in case they still haven’t. You’d be surprised at how many employees fail to take advantage of all their benefits simply because they don’t know how to.
Is using employee benefit statement software the right path for your company? There’s only one way to find out, which is to try it out yourself. But given the advantages already listed out here, the answer to the question is quite clear.
Joseph Blattner is the founder of COMPackage.com, the world’s first online employee benefits software solution.