For the first time in five years, HR pros who handle benefits are saying that is an even more important goal than cost control. The key to keeping good employees in your organization: Make sure they know the dollar value of their benefits packages.
Say a key employee quits to accept another job and cites poor benefits as a primary reason for leaving. But your benefits package isn’t really sub-par; the employee just never knew exactly what the package offered.
Advice: Regularly remind employees of the value of your benefits package by distributing total-compensation statements every six months. These personalized statements detail the employees’ salaries, plus the dollar value of each benefit you provide.
Organizations that communicate such information can boost loyalty and retention, even when their benefits aren’t the very best, says Frank Giancola, former manager of (register to read more) communications...