Employee compensation and benefit statements are the perfect way to show employees how much they are appreciated. Many companies today provide a variety of perks and benefits, but unfortunately a lot of employees may not understand or appreciate the full value of these company offerings. Employee total compensation statements are one of the best ways to communicate the importance of their available benefits.
Within each statement sample, you can see a variety of layouts including elements such as:
- Letter from company leadership – show employees how much they are appreciated with a custom letter from leadership
- Compensation Table – lists all compensation categories and benefit election that an employee is receiving.
- Charts and Graphs – give employees a visual reference to compare their earnings and benefits.
- Highlight Areas – call out information that is important and unique to your company such as perks, value statements, company facts, and retirement contributions.
All of our compensation and benefit statements offer fully customizable graphics that can be designed to match your company branding and colors.
So what is an employee total compensation statement?
Sometimes referred to as an employee compensation statement, benefit statement, or total rewards statement, total compensation statements are a communication piece that shows the total value of their pay and benefits package with your company.
An effective total compensation statement is simple, clear, and personalized for each employee. It should provide accurate information, without appearing like a financial statements. Your company provides a significant contribution to your employees’ well-being. Employee total compensation statements are a great way to show just how valued your employees are.
Educate and Illustrate the value of your benefits package
Benefits can be a huge source of confusion for employees. Many employees say retirement plans are the most difficult to understand, followed by health insurance and HSA/FSAs. Employee benefit statements are a great way to illustrate the value with easy-to-read charts and tables.
You can also include a short description of each plan, such as how much an employee is eligible for if they claim short-term disability. These simple explanations can go a long way when highlighting company benefits to new hires as well as tenured employees.
Comparison are also helpful for illustrating what your company provides. Using a variety of charts and graphs, we can help show employees just how much value the company pays for when it comes to covering the costs for their insurance, contributing to their retirement, or even miscellaneous costs that the company covers.
Build company culture and increase awareness
Who your company is an what it represents is a huge part of your brand image. Corporate branding adds value to your product or service, as well as to employees’ sense of worth. Just as you remind clients of their great experience with your company, you also are building culture within your employee community.
Providing branded communication is one key way to remind employees of the commitment your company has made to them. Employee benefit statements are a great way to reaffirm their trust and faith in leadership and promote company values. It reminds them that they are a valued part of the team. Reinforce a positive impression with clear, concise information on their pay and benefits package.
Another advantage is retaining good employees! When your employees feel valued and appreciated, they make your customers feel valued and appreciated too. Employees who truly enjoy their work and believe in the company mission and culture are far less likely to look elsewhere for opportunities. Use your total rewards statement to promote company events and other intangible aspects of your company culture.
Ready to add total compensation statements to YOUR company’s toolbox?
We would love to assist your company in creating your custom employee benefit statements! The next step is to discuss your needs with our experienced sales team. Contact us today to start the process!