Total-Compensation Statements: More important than ever

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in Employee Benefits Program,HR Management,Human Resources,Office Management,Payroll Management

For the first time in five years, HR pros who handle benefits are saying that employee retention 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 employee benefit communications...(register to read more)

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{ 1 comment… read it below or add one }

J. Blattner December 2, 2011 at 7:33 pm

Just came across this article, and it’s even more relevant now than ever. As you point out, total compensation statements are a proven way to increase employee loyalty. Fortunately, there are simple software programs like ComPackage (www.compackage.com) that can construct these statements for you in a flash. Thanks for the great post.

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