Medical Insurance costs continue to rise.  Do your employees understand the costs involved?  What better way to enact changes to your health plan than to let them know you are in a financial partnership with them with their overall well-being in mind... 

 

 

 

THE KEY IS COMMUNICATION

  

 

  • COOPERATIVE EFFORTS CONTROL COSTS. Communication can lead to employee-management cooperation to control and lower benefit costs.
  • DECREASE TURNOVER. With their newfound understanding and appreciation for the high cost of benefits, employees are less likely to leave for just a marginal increase in pay.
  • LESSEN DEMANDS FOR MORE. Statements lessen demands for greater wages and more benefits by showing employees their TOTAL COMPENSATION PACKAGE.
  • BUDGET ANALYSIS AND PLAN DESIGN. The comprehensive Management Report is an excellent tool for budget analysis that can help employers in overall benefit plan design.

 

Employee Benefit Statements

 

 

Understanding the need for benefit communication

Virtually all employers have the need to communicate the high cost and value of benefits to their employees. According to recent studies by the U.S. Chamber of Commerce, the average employer spends more than 42 percent on top of payroll for employee fringe benefits. Unfortunately, few employers are getting their money’s worth. Industry studies how that while employees receive thousands of dollars in benefits annually, most have no idea what their benefits are or how much they are worth. A lack of appreciation for employer paid fringe benefits often has a negative impact on employee morale, which can lead to increased turnover, lower productivity, higher operating costs and decreased profits.

 

Communication is the key. That's why thousands of employers give their employees

personalized employee fringe benefit statements that show the employees all of the benefits the employer provides and how much those benefits are worth. Personalized benefit statements produced by Group Benefit Support show your employees what their fringe benefits are and how much they cost. They effectively communicate the high cost of benefits to your employees in a positive way.

 

Improve morale, reduce turnover and increase productivity with personalized employee benefit statements that show your employees the total value of their "hidden paycheck." When employees understand and appreciate their benefits, morale goes up and turnover goes down. When turnover is reduced, the costs to recruit, hire and train replacements are lower. Lower costs result in greater profitability for your organization. Employee retention pays off in a big way! For example, the average cost to recruit, hire and train a $50,000 a year employee is $18,750. *

 

It is important to understand that benefit statements are nothing new. They've been around for decades. Big corporations and consulting firms have long used expensive mainframe computers and many man-hours to generate personalized employee fringe benefit statements. These statements are a proven way to increase employee appreciation and morale, decrease employee turnover, and increase productivity.

In the past, employers with under 500 employees have virtually been ignored by the larger consulting firms and those with more than 500 employees have been forced to pay astronomical fees for statements.

PLEASE GO TO THE "CONTACT US" PAGE TO REQUEST INFORMATION AND PRICING.  YOU WILL BE PLEASANTLY SURPRISED HOW COST EFFECTIVE COMMUNICATING YOUR EMPLOYEE BENEFITS AND THEIR COSTS CAN BE.