3 minute read
Total Compensation Statements › › › › › › › ›
The Value of Total Compensation Statements:
Communicating the Benefits You Provide Your Employees
By Lisa Clark, Marsh & McLennan Agency
One of the largest expenses and most time-consuming responsibilities an employer faces is offering an employee benefit plan. With health care costs continuing to rise and health coverage requirements mandated by the Affordable Care Act (ACA), employers find themselves absorbing more and more health care costs for their employees while their employees remain unaware of the “hidden” benefits they are receiving.
Though an employer’s benefits package may be quite substantial, employees may not know about, or may not understand some of the benefits offered and the cost associated. To assist employees in fully comprehending their benefits package, consider providing Total Compensation (Benefit) Statements. Personal Benefit Statements summarize each employee’s individual benefits, illustrating the significance of their benefits package as part of their total compensation.
Providing Total Compensation Statements can be a meaningful solution to help employers communicate the entire value of their benefit offering to employees, including perks that may be overshadowed by traditional benefits. Employees can better appreciate their full compensation package when an employer provides a comprehensive view of its benefits package.
Total Compensation Statements may include information for benefits offered by the employer including:
Salary Bonuses Commissions Retirement Plan Social Security Contributions 401(k) Matching Contributions Paid Time Off Group Insurance (Medical, Dental, Life, Disability) Profit Sharing Credit Union Membership Jury Duty Pay Paid Holidays Wellness Rewards Uniform Expense Education / Tuition Reimbursement Employee Stock Purchase Plan
There are many benefits to providing Total Compensation Statements to employees:
› Increase employee awareness of their benefits and how much those benefits cost the company › Provide a dollar amount for benefits that do not seem to have a tangible monetary value › Promote the idea of total compensation, beyond just a paycheck › Raise employee morale because they tangibly see the range of benefits being offered by their employer › Higher retention rates by employees › Show potential recruits their total calculated compensation on top of their base compensation to illustrate the employer’s benefit plan offering is more competitive in the hiring process
Many payroll and benefit administration systems include options to prepare Total Compensation Statements, pulling information from payroll and benefits to generate statements. If your payroll / benefit administration system does not provide an option to generate Total Compensation Statements or you are interested in learning about additional solutions for providing benefit statements to your employees, contact Lisa Clark at Marsh & McLennan Agency by emailing Lisa.Clark@marshmma.com. ■
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