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 is recommended because it’s an opportunity to go through the compensation with the employee and can be central to a “stay” interview, which many employers implement in efforts to reduce the number of exit interviews they conduct. Open rates for digital may be only 25%, so a good second method is to mail to the home. That also affords the opportunity for spouses to discuss the statement. The value of receiving a professionally developed and printed total compensation statement printed on quality paper stock in full color communicates a powerful message. And as our culture continues moving towards digital, the power of print becomes more unique and impactful.
Corporate branding adds value to your product or service. Used in benefit statements, it reminds your employee about your company’s core mission. Corporate colors and logos help ensure the employee pays attention to this communication.
Timing: Often companies send employee benefit statements in the first quarter. This is considered a
“lookback”. However, Navia can annualize benefits taking raises, benefit cost increases, and changes in policies to allow statements to be created at any time of the year. This is a more “forward looking” approach and may give a more realistic picture of what’s happening in the upcoming year.
A Checklist for Evaluating Vendors
- Do you get a dedicated project manager?
- Is your statement a customized design for your brand & mission?
- Do you get targeted messages to specific employee segments?
- Do you have comparison charts of employer vs. employee contributions?
- Is their goal to increase enrollment & participation?
- Will educate and inform during recruitment & open enrollment?
- Will my vendor emphasize company culture to increase loyalty?
- Is there a secure way to transmit my data?
- Are there print & online fulfillment options?
Navia’s experienced team ensures your tailored statement enhances your employee’s understanding of their benefits. Contact our sales team today to find out more about how Navia Employee Benefit Statements can reduce turnover, foster employee happiness, and lower wage increase expectations. Contact our sales team for more information.