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Benefit Statements
Establishing and administering an employee benefit program is tedious, time consuming and almost always underappreciated by employees. And most employers don’t have the time or the resources to effectively communicate the total value of all benefits to every employee. Results of a research study reported in the Journal of Personnel Psychology indicate that 68% of employees do NOT understand what their benefits are, or how much those benefits are worth.
Employees often make employment decisions without a complete understanding of their total compensation and may leave their current company based on inaccurate assumptions. Add to this the findings of the Bureau of Labor that the cost of replacing an employee is one third of a new hire’s annual salary, and it is evident that improved employee retention translates directly to bottom line results.
CEBI creates customized benefit statements, based on the information provided by the employer, and uses these statements to educate employees on benefits provided by their employer and the cost associated with each one. By showing the real cost and explaining the full value of an employer’s benefits package in layman’s terms, employees clearly see the impact on their total compensation and gain a full appreciation for their total compensation, not just their wages.
Employers can maximize their return on the dollars they invest in benefit programs by making sure these programs are effectively communicated. Contact CEBI for information on benefit statements.