Is your company too small for employee benefit statements? Many small companies show an interest in benefit statements, but may fail to provide them due to mistakingly thinking there is too much cost or trouble involved in generating reports for a small number of employees.
In reality, employee benefit statements can help companies of all sizes, and still be affordable and well worth the cost. Many small companies have found great success with easy-to-use benefit statement solutions. But how can these statements meet the specific needs of small companies in particular?
Compete with the Big Boys
Many small companies find it difficult to keep their best employees because they feel they can’t offer the same level of compensation as their larger competitors. Employee benefit statements make it much easier to retain employees, since it can show them just how much their benefits are worth, before they start considering another job that seems to offer more compensation. Most employees are impressed by only their salary figure, plus a few base benefits, but by showing employees a total compensation statement, that includes all perquisites of the job, employees will think twice about moving on to a larger company, a company that may not actually have more to offer.
Use a Simple Solution
Chances are good that if you’re a small company, you don’t have someone on staff with the expertise to handle a highly technical employee benefit solution and you can’t afford to outsource this task to an outside firm. Through a simple online total compensation reporting solution, even small companies with little technical expertise can show their employees how much their benefits are worth.
Highlight Unique Benefits
As a small business, you may be offering a number of benefits that larger companies simply can’t. For example, do your employees enjoy free parking? Employees that work in large downtown offices often pay more than $50 each month for parking. Do you offer company cell phones, flexible scheduling or continuing education compensation? Highlight each of these benefits unique to your small business through an employee benefit statement.