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Valuing Your Benefits Leads to Greater Satisfaction
Nancy Hatch Woodward / Human Resource Staffing
Most employees do not have a good idea of what their benefits are worth. In fact, 51 percent believe their employer pays 30 percent or less (over and above their wages) for benefits, such as health, life and retirement. These findings come from a recent survey by Harris Interactive and the Charlton Consulting Group, which also found that those with more understanding of the value of their benefits reported more satisfaction with their total compensation packages.
So how can we make employees more aware of what the actual value is of their benefits package? The most effective process is to provide a comprehensive statement to each employee.
The first section of this comprehensive statement should include:
- Total salary, including FICA payments
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Bonus salary
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Contributions the company makes into their pension, 401(k), or similar retirement fund products
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Cost for their health (don’t forget long-term care, dental and vision), life, and disability insurance
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Vacation or PTO time and holidays
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Workers’ compensation
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Other retirement benefits
A second section should include the benefits that are often not showcased:
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Tuition reimbursement
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Matching contributions
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Professional development
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Wellness programs
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Discounts on company-made products
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Unusual perks, such as health advocates, concierge services, birthday or holiday presents, childcare or sick care, eldercare benefits, etc.
Finally, don’t forget to educate your employees about the
non-monetary value of their benefits. Wellness programs can
reduce increases in healthcare costs, flexible working schedules
provide more work/life balance, and company-sponsored events
for employees and families encourage a sense of community.
You pay a great deal of money for these benefits – make sure
your employees know how much you care.
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Reproduction
of this article cannot be accomplished without the expressed
consent of Human Resource Staffing.
Don Schmitz
is a popular speaker and writer on all aspects of HR and CEO
of Human Resource Staffing. Don holds graduate degrees in
Education, Administration and Human Development.
Contact Don@HumanResourceStaffingInc.com
952 854 6040
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