Employee Wage & Benefit Statements

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 CONTRARIAN 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 – employer-provided
benefits is a prime example of this.

Very few employees actually realize the cost that an
employer incurs for vacation days, health insurance,
matching FICA, workers compensation, etc.

Over the years, I have seen dozens of Wage & Benefit
Statements.  I found the following 2 major flaws in most
of those Statements:

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.

This is the reason that we have created our one-page
Employee Wage & Benefit Statement that is clear, concise,
and reader-friendly.

If you would like to download the Wage & Benefit Statement
that we use with our clients, click on the link below:
http://www.hrcontrarian.com/wage_and_benefit/

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