Overview

Do your employees only focus on their salaries when thinking about their compensation?

Are you frustrated that your employees don't appreciate all that you provide for them?

Are you concerned about losing top performers or critical skill employees because they don't understand the full value of their employee benefit package with your company?

Under-appreciation of employee benefits by employees is a chronic problem. Total compensation statements, or benefit statements, can help by giving your employees one place to go to see the dollars-and-cents value of their cash compensation and benefit programs.

The statements are personalized for each employee and are accessible both online through an employee web portal and on paper. It's a dynamic document that can be easily and frequently updated with new information.

What's Included?

The statements aggregate employee data placing together pay and benefits in one place. Employees see:

Cash Compensation- Such as base salary, commissions, bonuses, overtime and any others you define.

Employee Benefits- Includes health and welfare, retirement, paid time off, work/life and tax programs. The statement contains employer's contributions toward each program and may also display employee contributions for contrast.

Estimated Tax Savings- This optional area of the statement estimates the tax savings each employee enjoys in insurance premiums, 401(K) contributions, FSAs, HRA,s etc.

Retirement and Investments- Show financial programs such as 401(K) balances, pension estimates and company stock programs.

Sample Statement

Click here to see a sample total compensation statement.

The truth is that every employee would like to see a statement of total compensation. Most employers would be proud to show the real value of employment. By providing your employees with one place to get a complete, personalized view of their pay and benefits, they’ll understand and fully appreciate their company-sponsored programs.

Total compensation statements have long been popular with larger organizations but are seldom used by small to midsize employers because of cost. Our state-of-the-art HR technology now makes providing these statements to your employees easy and affordable.

Broad Reach Benefits provides you with two options for creating Benefit Statements for your employees:

1) We can provide you with everything you need to create these statements in-house. We’ll provide you with samples, documentation and excel templates to guide you through the process.

or

2) We can provide a turnkey solution, building and distributing the benefits statements to your employees for you.