Employee Benefits Employee Benefits

The Reschini Benefits Blog: Total Compensation Statements

For many employees, the paycheck represents the sum total of how their employer compensates them.  But in many cases, that’s not the complete picture.

From the employer’s perspective, the benefits package offered to their workers may be quite substantial, but those same employees may not be aware of or may not understand the full scope of what they’re being offered.  A Total Compensation Statement can help raise appreciation, morale, and loyalty among the members of a workforce.

A Total Compensation Statement highlights the monetary value of a company’s benefits package, including those perks that may be overshadowed by traditional benefits, to include information on:

  • Salary
  • Bonuses
  • Commissions
  • Stock options
  • Stock grants
  • Employee stock purchase plan
  • Retirement plan
  • Social Security contributions
  • 401(k) matching contributions
  • Paid time off
  • Coverages for health, life and disability insurance
  • Wellness rewards (e.g., discounts and cash 
bonuses)

By assigning a dollar amount to benefits that do not seem to have a tangible monetary value, employers can promote the idea of total compensation, beyond just a paycheck.  Pulling back the curtain in this way can lead to higher retention rates among employees and can make the organization more competitive when talking with recruits during the hiring process.Committing to providing Total Compensation Statements will require some investment of time and resources to gather and present this data, but the return on this investment can be more than worth the effort.Contact the Benefits team at The Reschini Group for more information.Here is a resource for total compensation:Total Rewards - Compensation and Benefits

Copyright 2021 The Reschini GroupThe Reschini Group provides these updates for information only, and does not provide legal advice.  To make decisions regarding insurance matters, please consult directly with a licensed insurance professional or firm.

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Clear and Credible: Developing a Benefits Communication Program

Employee benefits represent roughly a third of the typical individual’s total compensation package, so it’s in everyone’s interest that the terms, guidelines, and options inherent in those benefits are communicated clearly and with credibility.

That’s the rationale for developing a well-crafted, consistently executed benefits communication program.  Achieving this can take time and careful planning.  Here are some tips and best practices to streamline the path to success:

  • Know what benefits your organization provides and how they work.
  • Ask how your employees feel about your benefit program.
  • Keep employees and beneficiaries informed of changes to their benefits, and explain confusing terms and features of the plans.
  • Determine a communications plan and timeline, as well as who will prepare your benefit communications and the costs involved.
  • Decide what type of communication will be most appropriate for relaying messages to employees.
  • Sell your communication plan to your manager by determining HR and other benefit staff productivity loss due to employee confusion about their benefits.
  • Set measurable objectives for how much money and time your communications will save.
  • Prioritize compliance with government regulations and clarification of complicated issues, procedures and terms.
  • Prepare and distribute communications to fit corporate objectives and employee needs.
  • Target segments of employees who would profit most from specific features of a benefit by sending tailored communications.
  • Evaluate the effectiveness of your benefits communications through employee surveys and revise as warranted.

The time and resources devoted to researching, building, and following through on a solid benefits communication plan can prevent confusion, delays, lost productivity, and even bottom-line financial results.  It is well worth the effort and can yield important returns to your organization.The Benefits team at The Reschini Group has more information on this subject and is ready to help your business benefit from an effective benefits communication plan.

Copyright 2018 The Reschini GroupThe Reschini Group provides these updates for information only, and does not provide legal advice.  To make decisions regarding insurance matters, please consult directly with a licensed insurance professional or firm.

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