Archive for the ‘Employee Benefits Statements’ Category
Research has proven that employees are more satisfied with their employer relationship if they receive an annual total compensation statement. And every employer wants to stand out with their employee benefits. Unfortunately, your brand can’t stand out if your benefits are only the ones every employer offers. Nearly all US companies guarantee access to 401(k) and health insurance. Consequently, employers have to go above and beyond to offer unique benefits that current staff feel are worth staying for, and future employees find enticing.
Prospective employees will assess your company’s benefits while deciding between job offers. With unique and carefully thought-out benefits, employers can secure the services of the brightest minds and hardest workers in any given industry.
Some employers don’t take credit for certain benefits they offer their employees, which leads to an unappreciation of the benefits. Adding the following benefits, and then adding them to your employee benefit statements, can help your personnel appreciate the benefits they get.
Note that you can probably attach a dollar value to most of the benefits given below. But even if you are uncomfortable doing that with some benefits, tools like COMPackage still allow you to list the benefit without showing a dollar amount.
Include free parking in your employee benefit scheme if your company made the decision to reside in the suburbs where there is no cost for parking. Besides being an incentive for driving among employees who opt to drive to work, free parking makes commute a hassle-free experience since employees don’t have to worry about parking fees or parking spots.
It will help to add Paid Time Off (PTO) including holidays, sick days, and vacation time in your total comp statements if your staff will access a designated period of paid days off. Many administrators often think that this time off is a part of an employee’s pay, but is it really any different than health insurance? You pay for it; why not ensure employees know it’s a benefit?
Access to Company Vehicles
A company car/truck gives employees a professional image. Moreover, the vehicle enhances the employee’s productivity, thanks to the availability of a reliable means of transport. Your employee benefit statements should have use of company car/truck since the vehicle will eliminate the employee’s need to purchase and maintain their own car, typically replacing or at least reducing the cost to maintain a second car in their household.
Company-paid Cell Phone
Your employee benefit statements should have company-paid cell phones, especially if your employees need one for their job, and the company pays for the phone’s associated costs like internet, voice, and text plans.
Employees can enhance their skills and competencies within the workplace, thanks to the company’s in-house trainers. Include in-house training in your employee benefit statements if your company has programs that help employees attain professional growth. Offering your employees free, in-house training will give them an opportunity to learn about important aspects of their work. Classes may also give them a chance to apply for other jobs within the workplace. Management training, for example, will prepare them to become a team leader or supervisor. And placing an equitable value on it is fair for a total compensation statement.
School Tuition Reimbursement
Many employees choose to further their education by returning to college and earning their degrees. If they are working toward a degree that will help them advance within their current job or move up toward a management position, school tuition reimbursement will allow them to earn their degree without placing a financial burden on their family. This can be a huge incentive for staff that want to grow; it’s especially of interest to millennials!
Exposure to industry best practices, motivation and engagement, professional development, and networking opportunities are some of the benefits employees gain from out-of-town conferences. Consequently, it will help to list out-of-town conferences in your employee benefit statements when your company will be paying for your employees’ expenses during the out-of-town conferences. Employees love to be on the receiving end of these valuable life opportunities.
Health and Wellness Benefits
Gym memberships, yoga classes, massage therapy, and corporate challenge athletic events will encourage your employee to live a healthier lifestyle. When employees make the choice to get healthy, their mental outlook and productivity levels improve. They are more excited to come to work and look forward to facing new challenges. Paying for these programs will make a lot of employees happier and benefit the company in the short and long run.
Health Savings Accounts
Health savings accounts (HSAs) are tax-deferred and provide extra benefits that support your health insurance. The money in the HSA can be used for healthcare purchases like bandages, wraps, vitamins, supplements, and over-the-counter medications that your family would normally pay for out of pocket. Both the employer and employee put money into the account which can be used at any time for these types of purchases.
If your company is inclined to provide stock options to your most valued employees , then show it on your total comp statement. An employee is more likely to be vested in a company if they feel as if they have a stake in what is going on. The shares they own will also provide dividends they can rely on for their future. Over time, it can grow into quite an investment.
Access to Employee-Paid Benefit Programs
Employers who offer access to employee-paid benefits that take advantage of discounted group rates (e.g., Aflac supplemental insurance) should highlight these. This would include things like offerings that allow company staff to enjoy discounts on gym memberships, dental care plans, and so on.
Employee compensation and benefits – and your ability to communicate these – will determine the workforce available to your company. Note that companies are in a never-ending competition for top talent, and this is why you need to keep up with the benefits your prospective hires deem meaningful. Offering sought-after (in-demand) and competitive benefits can help your brand land the talent it desires.
Lastly, you won’t have to worry about losing your favorite staff members to competitors if your employees enjoy great benefits and compensation. And always remember to include all the benefits your employees will enjoy in their annual total compensation statement.
Morale remains high when turnover is low. One way to keep it this way is through the high quality administration of benefits. The quality of your benefits delivery is completely dependent on the software you choose.
When choosing your company’s employee benefits statement software it is critical to verify that you have the tools to fully cover all of the benefits that your company offers.
This is why it is a critical step to choose the employee benefits statement software that will streamline, empower and support the confidence of the folks you already have, and for those you will hire in the future.
Check Your Requirements
Here are six of the most important considerations when implementing employee benefits statement software.
- Cloud-based or SAAS solutions put the burden of maintaining your software onto your vendor, not on your IT people.
- Use tools that reduce the costs of administration by reducing errors and extra steps.
- Include the ability to add all kinds of benefits – even free coffee and free parking.
- Present the information in a way that is easily “gettable” and memorable by each employee.
- Reduce any extra strain on the HR department. Give them tools that are intuitive.
- Utilize easy-to-learn, intuitive solutions for administrators and employee end-users alike. If it’s not easy-to-used, it may not get used.
Stay Ahead of the Competition
When a company has the ability to quickly and easily enroll and stabilize new employees by choosing the right employee benefits software – you dramatically increase the competitive edge for your company.
HR department administrators who choose exactly the right employee benefits software secure an ease and grace for internal benefits delivery processes. This increases the sense of confidence and accuracy for the employees they serve.
Employee benefits statement solutions, like those from COMPackage are designed to increase transparency. Support your employees confidence by delivering explanations in their compensation package instantly, regularly and repeatedly.
Most employees think of salary-plus-benefits as payment for services rendered when they think of compensation. They’re correct of course, but it’s much more than that.
What most employees don’t realize is that compensation is always evolving. The package they received upon getting hired won’t always stay that way. Employers must keep them abreast with any updates on benefits required by law, as well as with any changes in the metrics for competitive benchmarking. They should also be aware of new workplace trends that can affect benefits, like the rising popularity of remote work which gives way to more flexible scheduling options, or the increasing automation of tasks which gives more time for learning and training. Aside from that, employers should also adjust compensation for employees who moved up the corporate ladder, or who showed exceptional performance worthy of recognition.
It’s for these reasons why using benefit statement software is important for the compensations and benefits (C&B) department of any company with employees on its payroll. C&B administration is a continuous process, not a one-time implementation. Because it’s a process, records should be kept and archived, ready to be referred to whenever necessary. Reports should also be easily generated for analysis and other purposes.
But it’s not the C&B department who stands to gain the most when a company decides to use benefit statement software. The biggest winners are the employees who are most likely not aware of the full extent of the perks they’re entitled to for various reasons. These can include:
- They were not informed.
- They were informed but they forgot.
- They misunderstood what they had been told.
- They didn’t know some benefits are opt-in.
- They planned to opt-in for said benefits but never got around to it.
- And so on.
And even if they are aware of all the perks they’re getting, they may not necessarily be aware of the actual monetary value. For example, an employee making $60,000 a year may jump at a chance to move to a competitor offering $70,000 – if they fail to factor in the monetary value of their benefits. If their current company offers perks equivalent to 50% of their salary, their total compensation package is worth $90,000. If the competitor offers perks equivalent to 25% of the proposed salary, the total compensation package is worth $87,500, which is lower than what the current company already gives. Here, the current company wins. But of course, without knowing the value of their benefits, the employee will simply see that $60,000 is lower than $70,000, and therefore not worth staying for.
Companies lose top talent this way. With only partial information, employees can make hasty decisions that have a negative impact on their career without realizing it right away. Fortunately, the use of benefit statement software can put together the complete big picture along with the little details so that employees can not only make informed decisions, but also appreciate much more what they’re already receiving. It will make them change the way they view compensation.
A good compensation package attracts and retains top talent, so it’s crucial for companies to provide the best they can offer. It’s why employee benefits statements are so crucial — they serve as a measurement of just how much a company is willing to invest in its people.
But if your company is working within a fixed budget, how can you provide enticing benefits without overspending? How can you go beyond government-mandated benefits and deliver something extra?
The answer is in low-cost but high-impact benefits. Some of the perks employees appreciate the most are affordable enough not to dent your budget. Here are some examples:
Work-life balance is a goal for many employees, so help them achieve that by giving them a flexible schedule. There are several ways to accomplish this, such as authorizing a couple of work-from-home days every week, implementing staggered hours instead of a fixed login time, or allowing people to offset shorter hours in one workday with longer hours in another workday.
You’re not giving money to your employees when you offer them flexible schedules. You’re giving them time, which, to many, is far more valuable.
Paid vacation leave
The US doesn’t require employers to grant paid vacation leave to employees. But all work and no play makes Jan a disgruntled worker, so it’s better to allot a fixed number of paid vacation days which your employees can use whenever they want to as long as they give advanced notice.
To avoid going over budget, don’t make unused days convertible to cash. Forfeit them at the end of the year and reset the counter at the start of the new one. Or you might choose to give an extended rollover period, for example for a period of three months.
Financial planning assistance
According to a 2016 survey by Magnify Money, more than half of Americans are living paycheck to paycheck. Given how large this statistic is, chances are that many of your employees are living this way, even if they’ve been working for years.
Help them out by teaching them how to fish. Offering financial planning assistance won’t cost your company a lot, but it can make a world of difference for your employees who are struggling to budget their money wisely.
Corporate rates on insurance plans
Individual rates are higher than corporate rates, so your employees will appreciate it if they can get a discount through your company on life, accident, auto and other kinds of insurance.
Also, automatic payroll deductions make payments faster and easier. This added convenience is a benefit worthy of being included in employee benefits statements.
Where do your employees get their morning coffee? Where do they work out after they leave the office? Most likely, it’s that cafe around the corner and the gym a couple of blocks away, respectively.
Thus, approach nearby commercial establishments to see if you can get discounts for your employees. A lot of businesses will be happy to oblige if it means more customers.
These examples clearly show that although monetary compensation is of primary importance for many people, the little things do add up and make a difference. But your employees won’t get to appreciate the full effect of these perks unless you lay it out for them in employee benefits statements from companies like COMPackage.com. Only then will they see the total value of the compensation they’re receiving. If you’ve been looking for a way to boost staff morale, employee benefits statements are the way to go. After all, you can’t appreciate what you don’t know you have.
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.