I don’t have to remind human resource and benefits professionals how much time is spent on planning and managing an organization’s benefits program. Not to mention how much those benefits cost the organization. Despite the effort and expense, employees often don’t understand or realize the value of the benefits and perks available to them.
As W-2s are being distributed, employees will be reviewing their annual earnings and tax withholdings, but they won’t see the monetary value of their employee benefits, including the perks that may be overshadowed by traditional benefits.
Now is a great time to help employees understand their total compensation by providing benefit statements itemizing salary and benefit totals for the last year – their total compensation, as well as information about the benefits available for the current year.
Benefit statements can improve employee morale and increase loyalty by:
As a member of the ISG Advisors team, I should have a good understanding of the benefits being provided to me. But I often forget some of the perks available to me throughout the year. And like most people, I too find it surprising when I see my “total compensation.”
Consider providing your employees with benefit statements as part of your overall employee communication plan. ISG is here to help.