Of course, they know how much they get paid. But do they truly understand and appreciate how much more the company spends on them every year?
When you provide them with a clear, engaging Total Compensation statement, the answer will be a resounding YES!
Personalized Total Comp statements are the most effective way to promote the value of the compensation and benefit package the company provides, helping you significantly improve employee engagement and appreciation. They're also an excellent tool if the employees' share of health care and other benefit costs are increasing at a higher rate than their pay.
What's included?
While Total Comp statements can easily be configured to contain a variety of benefits information, they typically include at least:
- Cash compensation (salary plus overtime, bonus, etc.)
- Benefit value (what the company pays as well as what the employee pays)
- Current benefit participation.
You may also want to consider providing:
- Customized messaging for different employee groups
- Retirement projections (pension and/or 401(k))
- Executive benefit values (stock options, incentive programs, executive perks, etc.)
And of course, it's always important to package the information using eye-catching graphics that also make the statements interesting and easy to read.
Now's the Time.
To learn more or start planning for this year's statement, please contact us.