Help your employees appreciate the value of their benefits.
An employee’s compensation goes above and beyond the value of their regular paycheck. Total compensation statements are a summary of an employee’s pay and benefit elections. It’s intended to provide a comprehensive overview of the cost of benefits paid for by the company. But how do you produce a benefit statement?
It is often not available how much the company is contributing towards these benefits for the employee. That’s why providing total comp statements should be key to your communication strategy! With myBenefitStatements, it’s easy to create and deliver a customized statement. It’s 5 easy steps:
1. Kickoff Call
The first step in developing your unique total compensation statements is a 30-to-60 minute discovery call. Your dedicated project manager will help you develop a strategy and timeline for your project. Additionally, they will begin gathering all the information necessary to produce your statements. We will discuss you company goals, benefit offerings, and how to collect your data. After the call, we provide you with a customized data template, timeline, and resources to develop your message.
2. Layout & Design
Once you provide us with your branding guide, your project manager will work their magic! We create a custom design that illustrates your benefits and compensation. While designing, we keep your goals from the kickoff call in mind. We design each statement to match your brand to ensure a consistent message with the rest of your company communication. We will use charts and graphics to highlight the data, and provide a sample draft to you for review and revise.
Your main focus will be collecting the data from your payroll and benefit administration systems. We’ll provide a template to ensure all your data is formatted correctly! Once it’s all submitted via our secure FTP site, we will begin importing and reviewing. We also develop a test group covering all the scenarios we see in your data so that you can see all possible variations in the statement. This test group, as well as a data export of all employees, is provided back to you to review. It’s critical to review these documents to ensure that your final statements are correct!
4. Final Approval
When all data is correct, you’ll provide a list of final terminations and address updates along with your final approval. Once approved, your statements undergo one final internal review to ensure accuracy!
Your statements are professionally printed in-house and packaged for delivery. You can choose to have us mail the statements to employees’ homes, or ship to you for distribution. We provide a set of final documents for your records, and with that, your project is complete! It’s important to download and save these documents somewhere safe – we remove all data from our system after approximately 90 days.
Many clients find it beneficial to send out statements every year,. Employees begin to look forward to getting this crucial communication! The more frequency with which employees see their compensation, the more familiar it becomes. As an employer, your benefit statements send a message of gratitude for the work your employees do to keep the business running.
Ready to produce a benefit statement for your company? Contact us today to start the process!