It’s that time of year again when companies begin thinking about providing employees with an easy-to-read document that shows the total value of compensation and benefits for the prior calendar year.
Typically referred to as an Employee Wage & Benefit Statement, this document identifies the “hidden value” of benefits that a company provides to an employee beyond the paycheck.
HR POINTER: Human nature being what it is, most of us have a tendency to take for granted and underestimate the things we don’t see – company-provided benefits is a prime example of this.
Very few employees actually realize the cost that a company incurs for vacation days, health insurance, matching FICA, workers compensation, etc.
Over the years, we have seen dozens of formats for Wage & Benefit Statements. Most of those formats exhibit the following 2 major flaws:
1. The documents were complicated forms containing multiple pages of graphs, charts, numbers, and paragraphs of information.
2. The documents failed to summarize the value of benefits in simple dollars and cents terms that the average employee could easily understand.
As such, we have created our own high impact, one-page Employee Wage & Benefit Statement that is clear, concise, and reader-friendly.
If you would like to see a PDF sample of our unique Employee Wage & Benefit Statement, simply contact the Member-Partner in your area or our corporate office.