Companies dedicated to keeping their employees happy and retaining top talent should consider compiling a comprehensive benefits statement outlining all compensation flowing to the employee. Such a statement might include the following:
-- Health insurance data.
-- 401k contributions, including employer-match data if applicable.
-- Paid time-off data.
A summary of a worker’s non-salary benefits could be an eye-opening experience. According to the Society for Human Resource Management, 30-40 percent of an employee’s compensation are benefits. Companies might consider preparing benefits statements early in the calendar year, and taking the time to compile the data unique to each employee and to share it with them can’t hurt morale. Furthermore, it’s a gesture of transparency.
For a firm with generous benefits, a benefits statement can paint a rosy — and true — picture of the employee’s total compensation. For an employee, it can shed new light on the company’s benefits. What’s more, the benefits statement can be meaningful to employees of all ages, from Baby Boomers to Millennials. Each group may see the advantages of a benefits package in different ways; by providing them with all of the data, they can quickly focus in on the benefits most important to them.
At The Plexus Groupe, we provide a wide variety of benefits communications for our clients, such as helping compile a comprehensive benefits statement or providing insurance and benefits advice. For more information on these issues and other employee benefits guidance, consult a Plexus professional at 847.307.6100 (Chicago) or 972-770-5010 (Dallas / Oklahoma), or contact us via the Web at plexusgroupe.com.
“Benefits Statements Can Spotlight Hidden Value.” Society For Human Resource Management, April 8, 2011. Scorza, John. “Benefits Can Boost Employee Loyalty." Society For Human Resource Management, April 1, 2011.