Definitely not your employees.
With a comprehensive benefit statement you can show your employees the total value of what you pay them. These statements can dramatically improve your employees’ understanding and appreciation of their benefits package.
Let's take a look at all the “things” you pay for your employees that you may want to include in a comprehensive benefit statement.
The Unknown
- Employees know they pay FICA, but do they know you also pay the same amount on their behalf? Most don't, and this is a substantial amount that should not go unrecognized.
- Employees are also probably unaware you pay an amount on their behalf for workers compensation as well as state and federal unemployment.
The Known
- Supplemental pay such as bonuses, overtime, etc.
- Retirement and savings plans which have profit sharing contributions, defined benefit contributions, 401(k) matches, etc.
- All insurance benefits, including medical, dental, vision, pharmacy, life, LTD, etc.
- The value of paid leave including vacation, sick leave, holidays, etc.
- Other extras such as training and development, entertainment, meals, coffee/drinks, uniforms, company car, etc.
So, why show your employees these numbers in a comprehensive benefit statement? Because they really add up!
Comprehensive benefit statements can be prepared in-house or by a provider such as Swerdlin & Company. The first year is the most time consuming. After the first year, subsequent years are a breeze! We provide below a sample outline of the steps involved in generating your first comprehensive benefit statements through Swerdlin & Company:
Step One: PLANNING
Efficient planning is everything! The more planning in the early stages of the project, the smoother it will be. As part of the planning process, you:
- Complete a Benefit Checklist to determine which benefits provided by the Company you want included on the statements.
- Develop a timeline of events with projected completion dates.
- Determine who in your organization will receive benefit statements. For example, if part-time employees are not eligible to receive employer provided benefits other than Social Security, workers' compensation, etc., it may be counterproductive to produce benefit statements for them.
- Design the statement. Customizing the statement to include your company logo, color scheme, or whatever layout you prefer.
Step Two: ORGANIZING
Organizing the data is the most time consuming aspect of the project. All data should be transmitted in a single file, preferably in a spreadsheet program such as Excel. During the planning process, we provide you with a list of information to be included in the spreadsheet. Swerdlin & Company will draft a sample statement and send it to you for edits and approval.
Step Three: PREPARATION
Once you complete your data spreadsheet and have approved the design and wording of the statement, we perform the necessary calculations and merge the data into the benefit statement.
Step Four: PROOFING
We print out several sample statements for your review and approval. We repeat this process until you are completely satisfied with the finished product.
Step Five: FINALIZING
We prepare the statements and mail them to each employee's home or send them to you for distribution, if preferred.
Step Six: EDUCATING
We are available to help educate your employees on the benefits included on their statements. We provide a sample of a presentation to our employees after receiving their comprehensive benefit statements.
Link to Powerpoint
For more information on comprehensive benefit statements from Swerdlin & Company, contact Lee Swerdlin at 678.775.5553 or email at lswerdlin@swerdlin.net or visit the links below:
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