Most employees take only salary into consideration when thinking about compensation, but there. Use our employee engagement software and educate them about your companys recognition, benefits, and rewards. Total compensation statement ultimate software blog. Benefitexpress offers two different types of total compensation statements. About your benefits employee benefit statements total. A total compensation statement is generally used upon hire, or at the end of an annual compensation process, to communicate comp details to the employee. Our cloud based saas solutions combine best of breed features with an intuitive, easytouse interface that simplifies and automates the entire compensation process helping companies save time and their best employees. Ben admin and hr software company plansource points to the benefits of. Jul 07, 2017 employee compensation report, which enables managers to communicate with employees about their total compensation reports. Compackage software allows any company or agency to easily, securely and inexpensively generate total benefit statements. According to the bureau of labor statistics, a division of the u. Plus, it can serve as a reference document for the employee manager conversation about bonus awards or merit increases.
Compensation management software cloud solution beqom. What is the true value of online total comp statements. Employee total rewards will help you insurance software solution. Free total compensation worksheet leadership tools. We provide engaging total compensation statements and candidate.
Our employee benefits statement software combines data from. I am not a finance guy, but spending a few dollars a year to provide all employees with a total compensation statement to avoid the costs of unnecessary. Total compensation is the entirety of benefit offerings that a. Is employee benefit statement software right for your. Mar 17, 2017 timing is also very important when it comes to sharing total comp statements with employees. Every aspect of your compensation package should be described and laidout in your employee handbook, but more specifically, in a comprehensive and clearly written total rewards statement. Learn best practices for designing and delivering total compensation statements hear a case study about how one company was able to boost engagement with 100% accurate statements see a demo of total compensation statements integrated into the plansource employee experience. From sponsored medical and income protection coverage to a generous retirement plan, these benefits are an important part of your compensation and make hvsd a special workplace. Learn best practices for designing and delivering total compensation statements hear a case study about how one company was able to boost engagement with 100% accurate statements see a demo of total. The successful promotion of your total compensation statements is the key to achieving your total rewards marketing campaign. A forgotten password reset process is a usability hurdle for any employeefacing application. Employee total rewards ebixs total compensation statements are the most reliable and cost effective way for organizations to convey the value of their total. Our personalized total rewards statements play an integral role in this strategy. Employers in the united states typically pay a significant portion of an employees total compensation for benefit and tax payments.
Electronic statements are designed to be viewed online. Pricing of employee benefit statement software benefit statements are now affordable for companies of all sizes pricing chart. Why you should share total compensation statements with. The pricing chart below shows the three hosted solutions. Total rewards software is a solution that empowers organizations to improve employee engagement and retention through total compensation statements. You can create a benefit statement that includes employees the funds spent on their behalf. This total compensation statement details the comprehensive benefits, programs, and rewards that the harper valley school district invested in you in the past year. About your benefits provides dedicated resources and unparalleled expertise to maximize clients return on their compensation and benefits programs through targeted and personalized employee benefit. But because these are not core benefits, they need to be brought to attention to employees in their employee benefit statements. Enter a number of rewards into your total compensation. Option 1 is one of the most economical total compensation statements on the market. Show your employees their total benefits with total compensation statements from compackage. Whether you choose printed or online statements, the cover or cover page, sets. How a total compensation statement can aid retention efforts.
These payments made by the employer are nearly invisible to the employee. Home page employee benefit statements total compensation. A document showing an employees total compensation, including all cash income and the value of all benefits. With over 60 companypaid benefits and perks to include in your reports, compackage covers total benefits paid to employees so you can show them what they really earn on top of their. This report and other forms of total compensation statements is a. Brain power software recommends standards based single signon technologies including oauth, saml 2, saml 1. How do you use a total compensation and employee benefit statement.
Ben admin and hr software company plansource points to the benefits of online statements for an interactive view without the hassle and cost of printing and mailing. Apr 24, 2015 providing a total compensation statement can encourage the idea of comparison. Brain power software employee engagement software brain. Employers info request form total compensation statements. Small businesses up to 200 employees see price list for less than 200 employees. Total rewards software eliminates printed statements, promotes your employer. There are many other features you can consider when looking for a total. Our employee benefits statement software combines data from salary, benefits, pension andor 401k and displays this information in a personalized total rewards statement report. Using our proprietary technology, we have simplified the process of creating personalized total compensation statements. Timing is also very important when it comes to sharing total comp statements with employees. Employee benefit statements total compensation statements. How a total compensation statement can aid retention efforts total compensation statements can be a powerful retention tool.
Introducing our free total compensation worksheet tool. Employee compensation report, which enables managers to communicate with employees about their total compensation reports. Benefits statements, as in this sample template, offer a snapshot of an employee s total compensation, including a list of benefits for which the employer pays all or part of the cost. Hrsoft is the industry leader for compensation planning and total rewards software. Which of the following statements defines total compensation. Department of labor, private industry employers spend more than 30 percent of their total outlay per employee on benefits. Working together with our clients to create highimpact, professional compensation and benefits communication solutions. Why you should share total compensation statements with your. Curo helps ensure compensation recommendations are in line with appropriate governance, are equitable, fair and risk aligned.
Sometimes referred to as total compensation statements, hidden paycheck statements, or total rewards statements, an employee benefit statement is a communication piece that shows each employee the. Our employee benefits statement software combines data from salary, benefits, pension andor 401k and displays this information in a personalized total rewards. A best of breed total compensation solution can address the requirements and complexities that your hr suite is unable to meet. It refers to the compensation paid to employees for learning specific material that might be useful to the organization in the future. Well design, print and mail personalized documents to showcase the overall value of an employees financial rewards.
Total compensation statements total rewards benefitexpress. According to a 2015 study by shrm, 22% of workers report they have. Most people think of their hourly wage or annual salary when discussing compensation. It can quantify disparities between different employees. The basic components and pitfalls of a total compensation. A forgotten password reset process is a usability hurdle for any employee facing application. Benefit statements, also called total compensation or total reward statements are. Creating and distributing total compensation statements can be a valuable but timeconsuming proposition for hr teams. The value of total compensation statements its up to employers to step in and remind employees of the full value of their compensation packages.
The value of total compensation statements benefitspro. Spread the word about your total compensation package. Providing a total compensation statement can encourage the idea of comparison. Benefits statements, as in this sample template, offer a snapshot of an employees total compensation, including a list of benefits for which the employer pays all or part of the cost. When less effort and time are spent, your company can. According to france lampron, vice president of compensation solutions for plateau systems ltd. Harper valley total compensation statement more than. There are many other features you can consider when looking for a total compensation statement software, but these three should be considered critical. However, mobile technology and internet access have made employees increasingly sophisticated in how they expect to receive information. Ideally, share compensation reports when it is relevant to the employee. Kemper corporation initiates rebranding with total. When most people hear compensation, they think about money, but total compensation is much more than that.
Total compensation statements can be a powerful retention tool. A document showing an employee s total compensation, including all cash income and the value of all benefits. However, you are about to discover how to calculate the full value of your compensation package, which includes much more than just wage or salary. The total rewards package that you provide to your employees is one of your companys biggest investments make sure that employees know about it. Take a virtual tour of our benefits software today.
You can harness all these benefits and more with totalrewards builder, an online total rewards statement software. When putting such a document together, dont make the mistake of boasting about what a great employer you are. Can employee benefit statement software really improve. Well design, print and mail personalized documents to. Jun 17, 2019 a total compensation statement is generally used upon hire, or at the end of an annual compensation process, to communicate comp details to the employee. Total rewards statements prepared by ebixs professional team of communications experts will help you maximize the return on your compensation and benefits program investments by presenting them in a way that clearly conveys their value to employees and changes their attitudes, behavior, and actions in ways that support your performance objectives. Communicate all of the companys benefits, rewards and recognition programs, and include any number of rewards directly into your total compensation statements enabling you to market your companys. Its best to use a specialized tool, like lowcost total compensation statement software, to minimize mistakes and speed up the creation process. Market total rewards to employees and candidates with total rewards software. Produced in an 8 12 x 11 twosided, full color format, the front of every employees statement includes a brief letter from management, the employees personal data, and a benefitbybenefit report showing the employers contribution toward the cost of each benefit including statutory benefits. Aug 29, 2012 by providing total compensation statements you can help reduce turnover and avoid the cost of replacing an employee, which towers watson estimates at 2. We capture both the employee costs giving your candidate transparency, and the employer costs allowing you to communicate your invest in the employee benefits. For example, an employee with family coverage for their health insurance may get a higher health insurance benefit than an employee who does not have a family.
Compackage total compensation statements employee benefit. Communicating the value of the entirety of their compensation is a key to improving employee engagement and retention. Online pdf statement containing a list of all the compensation elements and benefits paid by the company to an employee. The statement shows direct compensation paid to you and indirect compensation.
The state of kansas, as your employer, prepares a total compensation statement for each benefits eligible employee. Employers in the united states typically pay a significant portion of an employee s total compensation for benefit and tax payments. Relying on your core hr suite for endtoend compensation management can put your compensation strategy at risk resulting from a loss of functionality, limited process coverage, noncompliance and. We design your statements to coordinate with your companys unique branding and prepare each employees statement with all compensation and benefits costs as it relates to them personally. We design your statements to coordinate with your companys unique branding and prepare each employees. Static paper or pdf statements that are dry or impersonal wont make an impact on todays techsavvy workforce. Use totalrewards builder to create more engaging total comp statements and collect greater insight into whats important to employees. Harper valley total compensation statement more than just. Total compensation statement with total compensation statements, plansource will help you inform, engage and motivate your employees. Brain power software recommends standards based single signon technologies including oauth, saml 2, saml. When selecting software, choose a solution that centralizes compensation and benefits information into one easytouse portal. Total rewards statements sometimes referred to as total compensation.
89 81 1345 1110 1615 1106 1476 1144 1552 1007 458 789 586 111 1203 497 416 1346 500 1569 1514 975 291 924 950 934 722 980 604 422 1222 599 1162 162 807