New Research Fuels Need for Employers to Communicate Value of Benefits Plans

Survey finds that workers regard health benefits as more important than ever; employers urged to effectively communicate total compensation packages

Total compensation statements carry more value than ever among employers, according to a new survey just released by the National Business Group on Health, a non-profit association of 266 large U.S. companies.

In a survey of over 1,600 employees at large U.S. companies, more than 80 percent of employees said they valued their health benefits above anything else in their compensation packages, including salaries. In the survey, about three in four employees said they would rather get health benefits through their employer, rather than additional salary to purchase their own. TotalRewards Software officials say the findings show the need for employers to adapt total compensation statements and step up communications.

ìHealth care costs continue to skyrocket, and this research shows that itís never been more important for companies to share exactly what employees are gaining from their benefits packages,î explains Ray OíDonnell, president of TotalRewards Software. ìMost employees have no idea of the staggering costs that employers absorb each year.î

In response, the company offers FreeTotalCompStatements.com (www.FreeTCS.com), a free, on-demand application that allows small and mid-size employers to create total compensation statements. FreeTCS.com is an on-demand software that allows employers to produce high-impact, personalized, total compensation statements that show employees how there is more to their full compensation than direct pay.

ìBenefits make up 30 percent of an employeeís total compensation, and todayís employers no longer have the luxury of keeping this knowledge under wraps,î OíDonnell adds. ìPromoting the value of total compensation raises employee morale, increases productivity and retains top performers.î

A premium subscription is also available ñ featuring the ability to upload employee data via an Excel template, company branding through the Style Editor, additional cash compensation and benefit programs, enhanced support, as well as a free, multi-page online total compensation statement (the Enterprise Edition). Professional implementation and data management services are also available. The premium subscription starts at $600 a year per company.

As an on-demand application, FreeTotalCompStatements.com, is available 24 hours a day, seven days a week and from any location. All employers need to get started is an Internet connection and web browser -- there is no software to install or complicated updates to download.