The basic components and pitfalls of a total compensation. The successful promotion of your total compensation statements is the key to achieving your total rewards marketing campaign. 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. Plus, it can serve as a reference document for the employee manager conversation about bonus awards or merit increases. Using our proprietary technology, we have simplified the process of creating personalized total compensation statements. Harper valley total compensation statement more than just. It can quantify disparities between different employees. Ideally, share compensation reports when it is relevant to the employee. Curo helps ensure compensation recommendations are in line with appropriate governance, are equitable, fair and risk aligned. Our staff recruitment software allows dynamically shows candidates their total compensation value based on the real costs of the benefit packages you offer.
Which of the following statements defines total compensation. Working together with our clients to create highimpact, professional compensation and benefits communication solutions. A best of breed total compensation solution can address the requirements and complexities that your hr suite is unable to meet. Employee total rewards ebixs total compensation statements are the most reliable and cost effective way for organizations to convey the value of their total.
Well design, print and mail personalized documents to showcase the overall value of an employees financial rewards. 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. Benefitexpress offers two different types of total compensation statements. Show your employees their total benefits with total compensation statements from compackage. 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. A forgotten password reset process is a usability hurdle for any employeefacing application. 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. 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. Communicating the value of the entirety of their compensation is a key to improving employee engagement and retention. Static paper or pdf statements that are dry or impersonal wont make an impact on todays techsavvy workforce. Total compensation is the entirety of benefit offerings that a. 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. According to france lampron, vice president of compensation solutions for plateau systems ltd. The state of kansas, as your employer, prepares a total compensation statement for each benefits eligible employee.
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 software allows any company or agency to easily, securely and inexpensively generate total benefit statements. 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. How a total compensation statement can aid retention efforts total compensation statements can be a powerful retention tool. We design your statements to coordinate with your companys unique branding and prepare each employees.
Small businesses up to 200 employees see price list for less than 200 employees. Ben admin and hr software company plansource points to the benefits of. Brain power software employee engagement software brain. When most people hear compensation, they think about money, but total compensation is much more than that. A forgotten password reset process is a usability hurdle for any employee facing application. Whether you choose printed or online statements, the cover or cover page, sets. 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. Jul 07, 2017 employee compensation report, which enables managers to communicate with employees about their total compensation reports. However, mobile technology and internet access have made employees increasingly sophisticated in how they expect to receive information. Total compensation statement ultimate software blog. The statement shows direct compensation paid to you and indirect compensation. When putting such a document together, dont make the mistake of boasting about what a great employer you are.
This report and other forms of total compensation statements is a. There are many other features you can consider when looking for a total. Compackage total compensation statements employee benefit. We capture both the employee costs giving your candidate transparency, and the employer costs allowing you to communicate your invest in the employee benefits. Department of labor, private industry employers spend more than 30 percent of their total outlay per employee on benefits. According to the bureau of labor statistics, a division of the u. Enter a number of rewards into your total compensation. Why you should share total compensation statements with your. When selecting software, choose a solution that centralizes compensation and benefits information into one easytouse portal.
Use our employee engagement software and educate them about your companys recognition, benefits, and rewards. Employers info request form total compensation statements. Why you should share total compensation statements with. Total rewards statements sometimes referred to as total compensation. A document showing an employee s total compensation, including all cash income and the value of all benefits.
Kemper corporation initiates rebranding with total. Providing a total compensation statement can encourage the idea of comparison. Employee total rewards will help you insurance software solution. Produced in an 8 12 x 11 twosided, full color format, the front of every employees statement includes a brief letter. Brain power software recommends standards based single signon technologies including oauth, saml 2, saml 1. Our personalized total rewards statements play an integral role in this strategy.
Total rewards software is a solution that empowers organizations to improve employee engagement and retention through total compensation statements. How do you use a total compensation and employee benefit statement. A document showing an employees total compensation, including all cash income and the value of all benefits. Total compensation statement with total compensation statements, plansource will help you inform, engage and motivate your employees. You can create a benefit statement that includes employees the funds spent on their behalf. Brain power software recommends standards based single signon technologies including oauth, saml 2, saml. According to a 2015 study by shrm, 22% of workers report they have accepted, quit or changed jobs because of the benefits other than salary or wage level that an employer offered or failed to offer.
What is the true value of online total comp statements. 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. Total compensation statements can be a powerful retention tool. Market total rewards to employees and candidates with total rewards software. Spread the word about your total compensation package. Use totalrewards builder to create more engaging total comp statements and collect greater insight into whats important to employees. 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. The total rewards package that you provide to your employees is one of your companys biggest investments make sure that employees know about it. Total rewards software eliminates printed statements, promotes your employer. The value of total compensation statements its up to employers to step in and remind employees of the full value of their compensation packages. 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. There are many other features you can consider when looking for a total compensation statement software, but these three should be considered critical. 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. You can harness all these benefits and more with totalrewards builder, an online total rewards statement software.
Mar 17, 2017 timing is also very important when it comes to sharing total comp statements with employees. This total compensation statement details the comprehensive benefits, programs, and rewards that the harper valley school district invested in you in the past year. Total compensation statements total rewards benefitexpress. Total compensation statement neptune software community. According to a 2015 study by shrm, 22% of workers report they have. 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. Timing is also very important when it comes to sharing total comp statements with employees. Online pdf statement containing a list of all the compensation elements and benefits paid by the company to an employee. Total compensation statements totalrewards software. 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 total value of their compensation package. Electronic statements are designed to be viewed online. 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. 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. 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. 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. How a total compensation statement can aid retention efforts.
We provide engaging total compensation statements and candidate. Hrsoft is the industry leader for compensation planning and total rewards software. Compensation management software cloud solution beqom. Employers in the united states typically pay a significant portion of an employees total compensation for benefit and tax payments.
When less effort and time are spent, your company can. It refers to the compensation paid to employees for learning specific material that might be useful to the organization in the future. Free total compensation worksheet leadership tools. 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. Employee compensation report, which enables managers to communicate with employees about their total compensation reports.
About your benefits employee benefit statements total. The pricing chart below shows the three hosted solutions. Most employees take only salary into consideration when thinking about compensation, but there. Employers in the united states typically pay a significant portion of an employee s total compensation for benefit and tax payments. Take a virtual tour of our benefits software today. Its best to use a specialized tool, like lowcost total compensation statement software, to minimize mistakes and speed up the creation process. Can employee benefit statement software really improve.
Employee benefit statements total compensation statements. Is employee benefit statement software right for your. Our employee benefits statement software combines data from. But because these are not core benefits, they need to be brought to attention to employees in their employee benefit statements. Apr 24, 2015 providing a total compensation statement can encourage the idea of comparison. Nearly half of topperforming companies provide total compensation statements to employees compared to 36% of typical companies. 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. Harper valley total compensation statement more than. Our employee benefits statement software combines data from salary, benefits, pension andor 401k and displays this information in a personalized total rewards. 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. Introducing our free total compensation worksheet tool.
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. Most people think of their hourly wage or annual salary when discussing compensation. These payments made by the employer are nearly invisible to the employee. Home page employee benefit statements total compensation. Pricing of employee benefit statement software benefit statements are now affordable for companies of all sizes pricing chart. Well design, print and mail personalized documents to. Our employee benefits statement software combines data from salary, benefits, pension andor 401k and displays this information in a personalized total rewards statement report. Option 1 is one of the most economical total compensation statements on the market. 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 2.1085 1308 1091 603 1470 162 16 778 1233 531 1073 1147 814 23 245 1618 1640 36 108 246 956 368 206 270 337 802 504 147 1333 1052 1428 960 1007 98 48 708 1016 1424 325 614