Here are our top five reasons why you should opt for employee benefit statements. 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.”
- 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. By producing statements through a third party, companies may give employees a sense of trust and transparency that in-house created documents do not always merit.
- Happy Employees!
The 2020-2021 Aflac Workforces Report says that their “study consistently finds that when employees understand their benefits, they are more often satisfied with those benefits. In fact, employees who understand the total annual cost of their health care coverage more often say they are extremely or very satisfied with their current benefits – a difference of 49 percentage points from those who understand their costs not very or not at all well.” – Workplace Benefits Trends: U. S. Employee
In one Gallop poll, 86% of engaged employees said they felt happy very often at work, compared to 11% of disengaged employees. By clearly explaining your company’s total compensation package, you are creating happy employees: Happy Employees – Happy Employers!
- A Great Platform
Total Compensation Statements are the perfect platform for catching your employees’ full attention. 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 not offered before? Let your employees know about it!
- Cost Effective
The average myBenefitStatements client spends 0.013% of their employees’ total compensation on Employee Benefit Statements—making this valuable communication tool affordable and impossible to pass up.
- 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, 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, Happy Employees, Happy Employers!