Our software, used by benefits brokers and human resource managers, is the simplest solution in the Human Resources (HR) software space to produce comprehensive employee benefit statements. These benefit statements are sometimes called "total rewards statements", "total compensation statements" or "fringe benefit statements." These statements are one of the most powerful recruitment and retention tools available to HR managers.
Benefit communications are paramount to employee understanding of all benefits provided by the employer and are quite effective in increasing participation in benefits such as 401(K), 403(B), etc. Most employees do not realize that benefits comprise an average of 25% to 40% of their compensation. These statements allow employees to compare total compensation between and among job opportunities on an "apples-to-apples" basis.
Our easy, 5-step process allows quick and simple data input and report generation.
The 5-step process includes:
Gathering and Inputting Employer Information
The required employer data is a 2-page summary of information about benefits supplied by the employer, in 4 categories
Retirement Programs Health and Life Insurance Rates Leave Policies Tax Data
Collecting and Importing Employee Information
This is a pre-formatted Excel spreadsheet of employee information, such as:
Name Hire Date Title Earnings Class Location Workers Compensation Classifications
Benefit Descriptions and Title Bars
This is simply inputting the text wanted to describe the name of the benefit (such as "Major Medical") and its description (up to one page per benefit)
Trial Statement Generation and Formatting
A trial statement is generated for proofing the text as well as the page breaks
Printing Statements by Class
The last step, of course, is printing the statements. They are printed methodically, by classes of employees.
