An employee’s total compensation goes far above just the value of their regular paycheck and incorporates some items employees rarely consider. To offer a Total Compensation Statement to employees, both direct and indirect compensation totals should be compiled. Direct compensation refers to compensation paid directly to an employee, such as the employee’s salary, bonuses, or […]
What are employee benefit statements? Employers spend billions on worker benefits every year. In fact, benefits constitute 30-40% of an employee’s total compensation package. It makes sense that employers want to get the most value out of this significant investment. A recent MetLife study on Employee Benefits shows an alarming statistic: 59% of employees do […]
Happy employees are informed employees. Total compensation statements provide valuable data to help employees make better decisions about their future. Introduction: Total Compensation Statements play a crucial role in communicating the value of employee benefits. These statements help employees understand the complete benefits package they receive beyond their pay – including health and life insurances, […]
What are some things to consider when deploying employee benefit statements in your war against employee indifference and lack of knowledge? Employees like visualization, so use charts and graphs liberally. Did you know that color content is 39% more memorable than black and white? Consider at least two methods for distributing the statement. In person […]
Have you ever wondered what all goes into producing a total compensation statement? Our highly-trained project managers make it easy to create unique communications that emphasize the value of your benefits. Week by week, we’ll help guide you through all the steps to produce your project from kickoff to fulfillment. Week 1 – Kickoff & […]
In the competitive landscape of today’s economy, employers must understand the importance of acquiring and retaining great employees and providing comprehensive benefits packages. One crucial aspect of these packages is the use of benefit statements, which effectively communicate the total value of benefits to employees. Let’s assess the value of benefit statements for employers, analyzing […]
Total compensation statements provide employees with a comprehensive view of their benefits and compensation package. These statements include information on all the different types of compensation an employee receives, including salary, bonuses, benefits, and perks. They are designed to give employees a better understanding of the value of their total compensation package, increase employee satisfaction, […]
As we approach the end of the year, it’s a great time to re-evaluate your current benefit statements or consider producing them for you employees! Over time, just as your benefit plans may change, your employee benefit statements should also update. Perhaps your company has changed providers, increased or decreased levels of coverage, or even […]
Any time of year is the perfect time to send out benefit statements to your employees. After all – most companies are hiring and working year-round! So while we’ll always tell you NOW is the best time to provide a total compensation statement, there’s a few things to consider when planning your timeline: Customized benefit […]
how to calculate total compensation for a benefit statement Related posts: Employee Benefit Statement Samples: May 2022 Employee Benefit Statement Samples: September 2021 How do you calculate total compensation?
