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Tell your employees exactly what their benefits values are |
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Written by Laurie Blake
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Thursday, 20 November 2008 |
What are you doing to make sure your employees know their value to your organization? Total Compensation or Total Rewards Statements may be the perfect tool to educate employees on the critical value of their employer paid benefits.
It's a fact, say the folks at Benefit Software – most employees do not understand what their benefits are nor do they appreciate how much their employers are paying for them. Many employees will change employment simply because they think the pay and benefits package is better elsewhere.
According to Brooks C. Holtom, assistant professor of organizational behavior at Marquette University, the average employer will spend 41 cents for benefits for every dollar of payroll. On average, that's 29 per cent of the total employee compensation package.
Research reported in the journal Personnel Psychology suggests that employees only understand and appreciate between 31 and 68 per cent of the cost or market value of the benefits they receive.
Benefit Software offers a number of services to help organizations make sure that every benefit dollar spent is understood and appreciated. Although an American company, Benefit Software does service Canadian clients.
The company offers three ways to help make sure that every benefit dollar spent is understood and appreciated by employees:
1. In-house Printed Benefit Statements – allows you to produce high-impact, professional quality, personalized employee total compensation or benefit statements right from your office using your own personal computer with Fringe Facts® Communicator software.
2. The company will work together with you to create high-impact, professional personalized benefits communications for your employees. Printed benefit statements, also known as Total Compensation or Total Rewards Statements, are effective and important communication tools that educate your employees about the total value of their benefits package.
3. Online TotalComp™ benefit statements provide critical employee compensation and benefits information 24/7. The service includes employee surveys, benefit calculators, SPD's, benefit forms & booklets, and links to your benefit provider web sites.
For more information, visit www.bsiweb.com.
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