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 a Benefit Statement!
Here are some ideas to help you successfully evaluate and communicate employee benefits using benefit statements:
Many employees say retirement plans are the most difficult to understand, followed by health insurance, HSAs, and FSAs. A benefit statement can help illustrate the value of each benefit as well as provide easy to read charts and tables and a short description of each benefit.
It’s always helpful to provide some kind of comparison between what your company provides vs the national average. If your company contributes 85% to an employee’s medical plan vs the national average of 70%, your employees should know that! Sometimes the grass may seem greener on the other side until they see all of the facts laid out in front of them and realize the true numbers behind their total compensation.
Pictures can be worth 1000 words especially if you’re trying to show the culture of your company. Employees who truly enjoy the people they work with as well as believe in the company mission and culture are less likely to look for other opportunities so if you have images of fun company outings and get togethers, a benefit statement is a great way to showcase those intangible benefits!
A benefit statement should really be treated as a type of marketing communication. You are “selling” your organization to your current employees. It should contribute to promoting your brand as an employer of choice.
It is always very helpful to employees if they can actually see the total value of their benefits package at least once annually so they can see how their company benefits truly effect their total compensation. With easy to read tables, colorful and simple graphs and charts, detailed descriptions and comparisons, fun, professional images, as well as customization to fit your company brand and culture, your employees will be able to see the value in their benefits package and appreciate how their employer cares and invests in its employees.