New Research Fuels Need for Employers to Communicate Value of Benefits Plans, Says TotalRewards Software

Share Article

Survey finds that workers regard health benefits as more important than ever; employers urged to effectively communicate total compensation packages

News Image
Promoting the value of total compensation raises employee morale, increases productivity and retains top performers.

Total compensation statements carry more value than ever among employers, according to a new survey just released by the National Business Group on Health, a non-profit association of 266 large U.S. companies.

In a survey of over 1,600 employees at large U.S. companies, more than 80 percent of employees said they valued their health benefits above 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,” explains Ray O’Donnell, president of TotalRewards Software. "Most employees have no idea of the staggering costs that employers absorb each year.”

In response, the company offers FreeTotalCompStatements.com (http://www.FreeTCS.com), a free, on-demand application that allows small and mid-size 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 adds. “Promoting the value of total compensation raises employee morale, increases productivity and retains top performers.”

A premium subscription is also available – featuring the ability to upload employee data via an Excel template, company branding through the Style Editor, additional cash compensation and benefit programs, enhanced support, as well as a free, multi-page online total compensation statement (the Enterprise Edition). Professional implementation and data management services are also available. The premium subscription starts at $600 a year per company.

As an on-demand application, FreeTotalCompStatements.com, is available 24 hours a day, seven days a week and from any location. All employers need to get started is an Internet connection and web browser -- there is no software to install or complicated updates to download.

About FreeTotalCompStatements.com
FreeTotalCompStatements.com is a service operated by TotalRewards Software, Inc., a private company founded in 1991 by business and technology professionals with a mission to deliver high quality, cost-effective, total compensation software solutions to the millions of small and medium sized employers in North America.

Media Contact:
Ray O’Donnell, Total Rewards Software
(916) 632-1000 x202

This press release was distributed through eMediawire by Human Resources Marketer (HR Marketer: http://www.HRmarketer.com) on behalf of the company listed above.

###

Share article on social media or email:

View article via:

Pdf Print

Contact Author

Raymond O’Donnell
Visit website