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Displaying Total Compensation Costs to Employees

Learn how your employees can understand their true value to your company with Total Compensation Statements --- via CBG Benefits.Are your employees aware of their true costs in regards to your organization?

In many cases, the answer is “no”. From the employee point of view, they are regularly exposed to the dollar figure that they see on their paycheck. But they may not be aware of the costs being paid by the employer in terms of health care and other benefits.

A recent article in Employee Benefits News magazine highlights how one company has dealt with that issue — through Total Compensation Statements.

Getting Value from Total Compensation Statements

The article highlights how Ace Hardware is using Total Compensation Statements to expose employees to costs that are often “hidden”. The benefits realized as a result of this effort include:

  • The employees see how valuable they truly are from the company’s perspective
  • The employer has a powerful tool to assist in their retention efforts
  • The entire organization gains better awareness of their health care and benefit options

Can Your Company Utilize Total Compensation Statements?

While the value of producing and distributing Total Compensation Statements may be clear, companies may be intimidated by the thought of having to produce them on a consistent basis.

At CBG Benefits, we recognize that your Human Resources department may not have the time and bandwidth to do so; also, they may have other priorities that demand their attention.

Thus, we are happy to offer the production of Total Compensation Statements as a service to our valued clients.

If you would like to learn how your company can take advantage of this service, please call us at 781-759-1222 or via our online contact form.

 

Photo Credit: Tax Credits via Compfight cc

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Posted in: Benefits and Insurance, Human Resources

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