Dear Workforce How Do We Show Employees Overall Wage Per Hour
The Bureau of Labor Statistics reports on “Employer Costs for EmployeeCompensation” across all industries and sectors.
There may be a way to use the BLS averages to prepare rough estimates oftotal compensation. But an excellent way to demonstrate the total value ofcompensation is to provide employees with personalized benefit statements thatshow this information in a clear and specific way to each employee.
A benefits statement is a popular and cost-effective tool. The statement textcan include tables, charts, and summary pages, and can range from a single pageto a booklet. Statements can be delivered electronically, using any of thefollowing methods: online via the Internet or a local intranet, e-mailattachments in Adobe Portable Document Format (PDF) or other format, or CD-ROMin Adobe Portable Document Format (PDF). Paper statements can be mailed to thework site or directly to each employee’s home.
Benefit statements can:
- Illustrate the overall cost, coverage, and value of benefits reducingcomplaints and turnover
- Convey personalized messages, information, or a corporate image
- Increase knowledge of current or future benefit issues such as taxes,alternative benefit options, or plan changes
- Be used as a retirement planning tool
- Track benefit costs
- Encourage feedback from employees.
Generally, effective communication that leads to a greater appreciation,comprehension, and education of benefits can help in the recruitment andretention of key employees.
SOURCE: Lydia Moore, vice president and practice leader, PersonalizedCommunications and Pension Systems, The SegalCompany, New York, New York, July26, 2002.
LEARN MORE: Read Demand Performance forBenefits.
The information contained in this article is intended to provide usefulinformation on the topic covered, but should not be construed as legal advice ora legal opinion. Also remember that state laws may differ from the federal law.