For many people, employment is not just about the money. Though salary plays a big role on whether or not someone is happy with their job, the whole compensation package is what matters more – especially when the financial sum of all the benefits being provided is significant.
Thus, it’s important for your company to be able to communicate the full value of your benefits plan to all your employees, especially if there’s a change they should know about. But even without changes, employees may not be aware of exactly how much they’re getting, causing them not to take advantage of everything they’re entitled to, and diminished appreciation of their total employment compensation.
A sure way to inform your employees about their benefits is by issuing them a personalized benefit statement, but this is not an easy thing to do manually, even if you have a relatively small workforce. In this case, you’ll need employee statement benefit software like COMPackage to streamline and automate the process for you. But aside from this added convenience, here are other compelling reasons to invest in such a solution:
- Cost effectiveness — Manual creation of benefit statements (even with the help of Excel) takes time, especially for companies with more than 40-50 employees. Also, this is more prone to error. It’s best to use a specialized tool, like low-cost total compensation statement software, to minimize mistakes and speed up the creation process. When less effort and time are spent, your company can allocate a smaller budget for creating benefit statements without having to sacrifice quality.
- Customized statements — Different kinds of employees have different kinds of benefits, so it’s not advisable to use one form for everyone in the workforce. You run the risk of having some employees feel discouraged if they see benefits others are receiving at a higher pay grade. Using COMPackage employee statement benefit software addresses this by allowing users to define benefits according to only what they receive.
- Accurate computations — Some companies attempt to provide total compensation reports using spreadsheets. However, these are difficult to maintain. Moreover, they don’t help you identify many types of benefits that could be reported, such as non-monetary perks which can still have a quantifiable dollar value.
- Employee satisfaction — With employee statement benefit software, you can clearly lay out each aspect of an employee’s compensation package to help them grasp the total value of what your company is giving them. Once they do understand, they’ll be able to appreciate how better-compensated they are, leading to higher employee satisfaction, which can result in improved productivity and stronger loyalty.
- Recruitment advantage — A lot of employers and employees focus on the salary when recruiting and searching, respectively. But wouldn’t it be great if you could attract ideal candidates with the whole compensation package – which, on average, represents over 43% more than base pay – that your company can offer? And wouldn’t it be greater if you can present them with an easy-to-understand statement that lists all the benefits they’ll be getting and the total value of their compensation? When you use employee benefit statement software, you can create detailed customized reports on professional-looking templates fit to be given to top talent. It’s an effective way to attract them to your company.
People will always be the top resource of your company, so make sure you invest in them. It’s not enough to grant them a good compensation package — you also have to encourage them to make the most of it. With the help of COMPackage, you can give them the push they need.