Benefits Matter: FIVE reasons you should provide personalized benefit statements for your employees
According to the Aflac WorkForces Report, 79% of workers say they would be less likely to leave their job if they had a well-communicated benefits program. By teaming up with myBenefitStatements, employers are better able to communicate the big picture of their employees pay and benefits—also known as the “hidden paycheck.” Here are our top 5 reasons why you should opt for employee benefit statements.
1. Informative & Eye Opening
Our statements are arranged in an easy-to-read format that allows employees to accurately understand their earnings and benefits. Through a combination of text, charts, and graphs, Employee Benefit Statements facilitate a multi-layered snapshot of the employees’ total compensation. Also, by producing statements through a third party, companies may give employees a sense of trust and transparency that in-house created documents don’t always merit.
2. Happy Employees!
68 percent of workers who are extremely/very satisfied with their overall benefits package are also extremely/very satisfied with their job, according to the Aflac WorkForces Report. This is opposed to only 5 percent of workers who are extremely/very satisfied with their job, but not at all/not very satisfied with their benefits package. Satisfaction is the key to engagement, productivity, and loyalty—all of which are major contributors to corporate success. In one Gallop poll, 86 percent of engaged employees said they felt happy very often at work, compared to 11 percent of disengaged employees. The Corporate Leadership Council has found that highly engaged organizations have the potential to reduce staff turnover by 87 percent! By clearly explaining your company’s total compensation package, you are creating happy employees – Happy Employees – Happy Employers.
3. A Great Platform
Total Compensation Statements are the perfect platform for catching your employees’ full attention. This is also a perfect time to team up with your broker to advocate for benefits that employees might otherwise dismiss. Similarly, you can use Employee Benefit Statements to announce new company initiatives or events. Do you have a new wellness program you want employees to know about? Are you offering new voluntary benefits that weren’t offered before? Let your employees know about it!
4. Cost Effective
The average myBenefitStatements client spends between 0.013% and 0.032% of their employees’ total compensation on Total Compensation Statements—making this valuable communication tool affordable and impossible to pass up.
5. Bragging Rights
With this cost effective investment, why not take advantage of an opportunity to brag about your company? Show employees how your company benefits and/or quirky workplace perks stack up against national averages.
As you can see, Employee Benefit Statements are crucial for businesses who wish to retain valuable employees. By investing just a fraction of an employees’ total compensation, you are making a huge step towards a more loyal and satisfied work force. Remember, the happiest employers have happy employees!