Northwest Employee Relations prepares annual benefit statements for organizations that want their employees to understand and appreciate the value of company-provided benefits.
How well do your employees understand the benefits your Company provides them? Have you explained the dollar value of their benefits? Do they know how that dollar value raises the level of their overall compensation?
Surveys on employee benefits, including Chamber of Commerce studies, tell us that employees who think they have the best benefits are not necessarily right. Employees who perceive their benefits as excellent work for companies that are effectively communicating benefit information. Their companies don't necessarily provide the best benefits, but they are good communicators. They want their employees to be fully aware of the benefits they provide and what they are worth.
Studies also show that a large percentage of employees tend to underestimate their benefits. These employees invariably work for companies that don't make any special effort to communicate or "sell" their benefit program.
An annual benefit statement has been proven to be one of the most effective ways to communicate benefits to employees. Along with its brief, personalized, easy-to-read summary of benefits, a statement can also show status of accrued and vested pension benefits. If this statement is supplied annually to employees, you don't have to furnish the information each time an employee requests it, as per Department of Labor requirements. A benefit statement can also project Social Security benefits to normal retirement date, and can contain benefit plan enrollment information and choices for each individual.
Growth in benefit amounts (especially savings, retirement, life, and disability benefits) are shown and can be compared with previous years' statements. As your employees receive annual benefit statements updating their status, it is easier for them to plan for the future. As they see the continuing growth of their Company benefits and individual accounts, they are motivated to continue adding years to their service with your company.
If you'd like to learn more about annual benefit statements, including what it might cost to produce a statement for your employees, contact us today.
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