Rocklin, Calif. — April 18
Total compensation statements carry more value than ever among employers, according to a new survey by the National Business Group on Health, a nonprofit association of 266 large U.S. companies.
In a survey of more than 1,600 employees at large U.S. companies, more than 80 percent of employees said they valued their health benefits more than 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.
“Health care costs continue to skyrocket, and this research shows that it’s never been more important for companies to share exactly what employees are gaining from their benefits packages,” said Ray O’Donnell, TotalRewards Software president. “Most employees have no idea of the staggering costs that employers absorb each year.”
In response, the company offers FreeTotalCompStatements.com, a free, on-demand application that allows small and midsize 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.
“Benefits make up 30 percent of an employee’s total compensation, and today’s employers no longer have the luxury of keeping this knowledge under wraps,” O’Donnell said. “Promoting the value of total compensation raises employee morale, increases productivity and retains top performers.”Filed under: Performance Management