As an employer, you know that recruiting and retaining high quality employees can be an expensive proposition. One way to keep these costs down is to reduce turnover, and certainly one strategy in reducing turnover is to increase employee satisfaction with their job.  Surveys have found that 75% of employees who indicated that they are ‘very satisfied’ with their total compensation also have a good understanding of their benefits packages. 

As an employer, communicating to an employee their true value to your business can be a challenge. Certainly looking at their wages or salaries gives employees a sense of their value, but that isn’t the whole picture. In fact, many employees don’t realize that their total compensation is actually much higher than their paycheck may show. You can more accurately convey an employee’s worth by providing them with Primepoint’s personalized Total Rewards Statements. 

A traditional benefits statement is often a printed, multi-page report detailing an employee’s personal compensation package, for example, wages and paid benefits expressed in dollar values. It can include base pay, health benefits, bonuses, retirement plans, stock options, etc. Some less obvious elements perhaps can include training, paid time off, incentive programs, long term disability, even the company’s culture and work environment (free coffee anyone?). Most importantly, the information provided needs to be presented in a simple, understandable manner.  Primepoint’s Total Rewards Statements are designed to be customizable. You can choose which earnings and benefits to include, in addition to other expenses or perks. Several attractive templates are available from which to choose and a simple pie chart illustrates the distribution of the various benefits. 

Producing traditional benefits statements can be a costly, labor-intensive project. Many businesses find it prohibitive to provide this information frequently, thus making it an annual, or even less frequent, event. This method may result in the information that is communicated being outdated. Primepoint’s Total Rewards Statements have been developed to be dynamic, so that communicating total compensation can be done on an as-needed basis, not just annually or less. Providing this valuable information to your employees greatly enhances their employee experience and overall satisfaction. 

To take advantage of this 21^st century technology, contact us to get started!