Critical Factors for a Successful Total Employee Benefits Statement Implementation
The ability to implement the critical value provided within a successful total employee benefits project is dependent upon two things. One is the ability of the employer to define and deliver what employees feel is needed most. The other is to provide a reporting mechanism that is easy to implement, and quick and easy for the employee to read.
Plain and Simple
Many employers make the mistake of using benefits reporting packages that are overly burdensome to read and understand. If a report is difficult to read, most people won’t bother.
Often when employees fail to absorb the full value they are being offered, and how it can improve their cost of living over time, the less likely they will feel fully valued themselves. This can lead to a higher than necessary employee turnover rate. This is why many companies choose to review employee benefit packages on an annual basis. Having a manager personally review the value of their employees’ packages with each employee, is a great way to show concern for the employee, and to make sure the employee fully understands what he or she is getting.
Reflecting on Critical Impact
Many employees have very little appreciation of the value of their healthcare and many other not-fully-understood benefits. Employers spend a lot of money on benefits, and to have this understood and appreciated, it is critical for benefits provided by employers to be communicated to employees in a meaningful way.
Employee benefit compensation statements are often the best answer because they provide one of the most powerful tools you can offer to help raise workforce morale and retention.
Employees need to be able see the full value of the many total employee benefits they are receiving. Many companies utilize total compensation reports and statements as part of their annual employee reviews. Most businesses use them for year-end reports, and even for recruitment.
Many employees do not realize that they might be making an average of $40,000 per year plus another $20,000+ in supporting health care benefits, disability insurance, social security guarantees, flexible spending account access and any of over 60 other kinds of benefits.
Employee retention often hinges on just how valued each individual feels. Strategic utilization of total compensation reports, such as those offered by COMPackage.com, has the power to reduce turnover, motivate excellence and provide a level of transparency that garners much deeper levels of employee trust in their employer.