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SO…WHAT’S AN EMPLOYEE BENEFIT STATEMENT?

SO…WHAT’S AN EMPLOYEE BENEFIT STATEMENT?  Sometimes referred to as total compensation statements, hidden paycheck statements, or total rewards statements, an employee benefit statement is a communication piece that shows each employee the total value of their compensation package. An effective benefit statement should be simple, clear, dynamic, and personalized for each employee.  It should tell […]

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Total Compensation Statements: mail out, handout, or online distribution?

Total Compensation Statements: mail out, handout, or online distribution? If you are distributing total compensation statements to your employees by only one method, we recommend mailing to home addresses: There is greater opportunity for the spouse to see the statement if it arrives in the home mail box. They are often involved in the family […]

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Employee Benefits Education – a benefit statement is the key!

Employee Benefits Education – a benefit statement is the key! Many companies these days provide numerous perks and benefits for their employees, unfortunately, a lot of employees may not understand or appreciate the full value of these benefits. One of the best ways to communicate the importance of the benefits available to them is through […]

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Save Money with a Wellness Program

Save Money with a Wellness Program These days employees seem to be under more stress than ever. With having to juggle homes, families, finances and careers, this stress is essentially taking its toll on Americans’ health and well-being. High blood pressure, high cholesterol, and high blood sugar levels are all risk factors for chronic health […]

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Cafeteria Plans: What’s on your benefit menu?

Cafeteria Plans: What’s on your benefit menu? An attractive and comprehensive benefit menu is an invaluable aid to your company. Not only does it increase employee satisfaction and improve productivity, but it can also decrease hiring and training costs by lowering turnover and building company loyalty. A Section 125 Cafeteria Plan is an employee benefit […]

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total compensation statements

401(k) vs 401(a)?

401(k) The 401(k) is today’s most popular retirement plan. Employees may contribute pretax dollars to their plan up to an IRS limit of $18,000 this year, with a Catch Up contribution of an additional $6,000 if the employee will be at least 50 years old by December 31st. The employee may contribute through payroll deductions […]

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Business accounting

The Real Cost of Employee Turnover – and how to avoid it!

There are a number of factors that contribute to the cost of replacing an employee. Here are just a few: Overtime – for other employees and temporary staffing Advertising – search agency fees Time – sifting through resumes, interviewing, making contacts, arranging meetings, coordinating schedules Evaluation – background checks and testing, certifications Training – lost […]

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Business accounting

The Many “Benefits” of Benefit Statements

Whether you’re an expert or new to providing Benefit Statements, do you really know the full value that Benefit Statements provide? Benefit Statements are more than a document with dollar values capturing that “bigger picture.” Benefit Statements can be used to help employees understand more about their benefits, emphasize what benefits are available, and much […]

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Business accounting

Total Compensation Statements – Best Practices for Data Submission

Total Compensation Statements – Best Practices for Data Submission A frequently asked question is, “how should I send you my data?” Here are some guidelines to assure accuracy and smooth transition. Most vendors prefer to receive your data in an Excel or CSV file. To avoid transcription errors, hand enter data only when necessary, then […]

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