Do your employees know how much your company spends to provide them with benefits?
In Canada, the average cost of employee benefits is approximately 32% of payroll. “Benefits” include pension, group insurance, vacation and legislated plans (CPP, EI, WCB, etc.).
In these times of 2% and 3% (or less) salary increases, benefits have become a much more significant component of total compensation for employees. It is important that plan sponsors identify and communicate to their employees the pieces that make up their "Hidden Paycheque".
One of the most effective vehicles for informing employees of the cost of their benefits is to provide them with personalized Employee Benefit Statements.
Customized for your organization and personalized for each of your employees, the Employee Benefit Statement itemizes each person's specific benefit levels. More importantly, the Benefit Statement illustrates the cost-sharing between employees and employer, and the employer's total expenditure for each employee.
We have developed a very cost-effective, easy-to-understand Employee Benefit Statement that can be customized to include your specific corporate or benefits branding.
Please contact us to learn how your company can communicate the "Hidden Paycheque".