To assess the value of total compensation statements – employee benefit statements, myBenefitStatements partnered with a Pennsylvania based government entity to conduct a survey of 1,909 employees. The survey posed a number of questions about their benefits and compensation before and after receiving employee benefit statements.
What were the results?
Respondents were asked to identify all the benefits provided by their employer before and after receiving total compensation statements. On average, there was a 4.6% increase in awareness of all the benefits offered by the employer. As you can see below, the results ranged from 7.3% to 20.5% increased awareness of the lesser known benefits (i.e. AD&D, EAP, Disability Insurance, etc.)
|Benefit||Before Delivery||After Delivery||% Change|
|Accidental Death and|
|457 Deferred Compensation Plan||34.0%||41.8%||7.8%|
|Long-term Disability Insurance||52.9%||61.8%||8.9%|
|Flexible Spending Account||59.5%||67.5%||8.0%|
|Employee Assistance Program||55.5%||62.8%||7.3%|
Respondents to the survey also demonstrated an improved perception of their benefit and cash compensation program since receiving their total compensation statements.An increase of 78.4% was realized by the respondents rating their benefits and cash compensation programs as “Superior” after receiving a total compensation statement.
Additionally, 46.7% of respondents rated the benefits and compensation program as superior or excellent before receiving a total compensation statement, and 50.5% rated the program as superior or excellent after receiving the statement.
According to the survey, 72% of the respondents would like to receive a total compensation statement at least once a year. Out of those employees, 11% indicated they would like to receive total compensation statements more than once a year!
Which total compensation statements would you like to use?
We customized one of our popular sample total compensation statements shown below for this particular client. We can develop a customized version for you! Take a look at some of our samples, visit our Benefit Statement Samples page.
How can I enhance our benefits program with total compensation statements?
Factors that play an important role in the success of any compensation and benefits program include:
- Showing each employee a picture of their total compensation
- Enhancing employees’ understanding through easy-to-read communications
- Speaking to each employee with personalized communications
- Reinforcing employees’ value to the organization
The employee survey results confirm the positive effects of total compensation statements as an employee communications tool. The employees surveyed found the information in the total compensation statement to be helpful, easy to read, and a very important piece of employee communication.