Cornerstone benefit statements
Cornerstone Enrollment Services can prepare personalized graphically-rich benefit statements to show employees the value of their “hidden paycheck.” Benefit Statements are also available in Spanish.
To attract high quality employees, most companies work hard to offer a competitive compensation and benefits program. Indeed, for the majority of employees, compensation and benefits are the two most important considerations when looking for employment. Companies also may provide attractive workplace benefits such as a fitness center.
Unfortunately, most employees don’t understand the value of their comprehensive benefits package, and thus the company’s considerable investment in that benefits package is not generating the expected return in employee motivation and retention.
For employees to recognize and fully appreciate management efforts on compensation and benefits, it is important to communicate the level and costs of employee benefit programs, that is, to give employees the big — and individualized — picture on benefits.
Personalized Benefit Statements communicates all employee benefits, in one place, and shows employees the cost and value of the benefits. Cornerstone Benefit Statements break down the compensation plan components and can:
- Quantify the dollar value of plan components such as time
benefits, heightening the perceived value of paid time off
and vacation time;
- Be provided free of charge when offered to employees as part of a Voluntary Work site Benefit program enrolled by Cornerstone Enrollment Services;
- Present individualized compensation breakdowns for employees through the use of individual components-base salary, incentive compensation, retirement plans, and other benefits; and
- Provide a breakdown of all benefits — including the ration of the employee’s financial burden and that of the company.
These illustrations and figures may be particularly illuminating to employees (at many organizations) who in recent years have been asked to shoulder more of the cost sharing on health coverage. That’s because the employee’s share looks relatively small when compared to the total employer contribution towards the full spectrum of benefits. By showing them the value of their “hidden paycheck” with Cornerstone Benefit Statements, a company shows its employees that they are valued far beyond their take-home pay.