Since employee benefits plans are often one of the greatest expenses an employer has, why not spend a fraction of the cost of the plan to actually promote it to employees - Tom Smith, Founder
Nashville, TN (PRWEB) October 21, 2014
HiddenPaycheck.com has released its Green Benefit Statement, a PDF total compensation statement, delivered directly to an employee’s inbox. Since their inception, HiddenPaycheck.com has always provided a complimentary online version of their benefit statement, but the new Green Statement eliminates the hardcopy paper statement that historically was delivered to the employee’s home. The Green Statement provides the convenience of electronic delivery while still providing a graphic PDF.
While HiddenPaycheck.com has been around for over ten years, creating more than 1 million online and hardcopy benefit statements, they were motivated to release the new Green Statement after reviewing a recent Workplace survey.* The survey announced, “that while benefits remain a critical part of the overall employee experience, the perceived value of workplace benefits among employees who participate in both health and retirement plans is starting to erode.”
Tom Smith, the founder of HiddenPaycheck.com, believes the reason for the recent erosion of the perceived value of employee benefits is the reliance on self-service benefit admin systems for total compensation education. These systems typically include simple “benefit statements” that only annualize current elections and base pay, as opposed to a stand alone statement that can include customized fields, graphics, retirement plan and PTO values, plus historical bonus compensation fields that an employer might be reluctant to forecast. He also believes merely providing access to electronic statements in a passive environment results in low utilization. “If I wake up and remember to ask myself, I wonder what my total compensation is? I then have to go to a website, register a password, and open the site. But if I am delivered a graphic document, either a hardcopy or a PDF directly in my inbox, then the likelihood of utilization greatly increases. It’s the difference between delivering a bland document, like a bank statement to an employee, verses a colorful brochure. One is passive and informational; the other is proactive with a marketing flare. Since employee benefits plans are often one of the greatest expenses an employer has, why not spend a fraction of the cost of the plan to actually promote it to employees?”, says Smith.
The new Green Statement is also environmentally conscious, while delivering the same colorful graphics as hardcopy statements of the past. An employee can always print the statement from their personal computer. For employees who are not ready for an email delivery, then HiddenPaycheck.com still provides their Classic two page and four page statements. Benefit Statement quotes are available online at http://www.hiddenpaycheck.com.
HiddenPaycheck.com is a product of VBA. VBA is also the developer of the High, Low, Or No®, Enroll For Life™ and OutOfPocketX.com enrollment platforms.
For additional information contact Tom Smith at ts(at)benefitenrollment(dot)com or 888-808-1664. All VBA services can be reviewed at http://www.benefitenrollment.com.
*The 2013 Mercer Workplace Survey