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, retirement programs, and paid leave policies. They’re a crucial tool to foster employee engagement and promote transparency in your workplace. Navia – myBenefitStatements is here to guide you through the process of creating employee total compensation statements that are effective, informative, and comprehensive.
Understand your Benefits Package
Explain what your employee benefits are and why they matter to your staff
Discuss key components that will increase employee knowledge and engagement
Before you can begin creating your total compensation statements, you should have a comprehensive understanding of the benefits provided by your company. This includes items such as health insurance, retirement plans, paid leave, wellness programs, and any other perks that the company offers. Collaborate with your HR or Employee Benefits team to gather all the necessary information. Our expert project managers will then help you develop a statement draft that helps you communicate those various programs in a way that is clear and easy to understand for employees.
Choose your Format
Discuss the pros/cons of each format
Select a template to start from
During your initial kickoff call, your project manager will help you decide on that format will best meet your needs. At myBenefitStatements, we offer 3 different size variations for printed statements as well as digital PDFs, and even an online portal where employees can log in to view their personalized statements. We’ll offer guidance on creating a statement based on your company goals that is visually appealing and easy to understand. Start from one of our ready-made templates and customize with your company branding and graphics, mix-and-match from several options, or even start from scratch! We have the expertise to help you develop a beautiful, personalized statement that highlights all of the amazing things you do for your people.
Personalize your Statements
Tailor your benefit statements to the specific employees’ needs
Add a personal touch to statements
One of the most important parts of your total compensation statements is how you personalize them. We can utilize your data to tailor each individual statement based on the employee’s elections – so that it provides an informative overview of of exactly what that employee receives as pay and benefits from your company. This can help employees better understand the breadth of their coverages, provide insight into ways to improve their physical and financial health, and identify benefits they may not be utilizing. Conditional printing is one of our specialties – so don’t forget to think about ways that you can provide individualized information that will help employees grasp the full value of working with your company.
Gather the Data
Collect data for each benefit and pay category
Ensure all data is accurate and up to date
While your project manager is developing a draft of your statements, it’s important to gather all of the information you wish to show on the statements themselves. This might include plan descriptions, contribution amounts (both from the company and the employee), or any other pertinent information. You might choose to show a history of the past 12 months, past calendar/fiscal year, or a current annualized look based on employees’ elections as of a specific date. Either way we will help you choose a modality that will best suit your needs and goals. By providing the appropriate figures, we can break down the annual cost and portion of benefits that is paid for by the company and (if applicable) the employee.
Visualize the Value
Use graphs and charts to visually represent your benefits package
Communicate the importance of elective benefits by distributing benefit statements
We’ll compile all of the benefits and the layout/design of your statements to develop a beautifully crafted print or digital statement that you can distribute to employees. Whether you choose to distribute via print (our preferred method) or via email or web portal, your employees will have an easy way to see the full value you provide them as an employer.
Conclusion
Effective total compensation statements are one of the most powerful tools in your HR arsenal. They promote transparency, increase employee satisfaction, and enhance overall engagement. Providing clear and detailed information about your company’s benefits helps employees feel empowered and informed – allowing them to make better decisions about their future and well-being. Remember, a happy and knowledgeable workforce is a motivated and loyal one!
Contact us today to begin planning your employee total compensation statements!
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