In many cases, your employees don’t pay attention to how much you, the employer, are paying out for benefits. They start paying attention only after they hear about COBRA rates. A popular feature that is included with every HRIS product is benefit statements.
Basically, they provide employees with a total compensation statement. Jane Doe makes $30,000 a year but with the addition of the employer match on 401K and with the employer’s portion of insurance and dental she makes $35,000. If you the employer are offering ever more expensive benefits, it’s certainly important to let your employees know.
I have modified these reports many times and included the employer’s portion of social security, leave time, and additional benefits. It might be good idea, during your evaluation, to ask how much opportunity there is to modify and customize these statements.
I have seen the companies I worked with hand these statements out before open enrollment, with annual reviews, or whenever employees ask about benefit details. Benefit statements are an additional item of a long list of benefits of an HRIS system or HRMS software package that can benefit your entire organization.
Clay C. Scroggin has over fifteen years of experience in the human resource software industry. Clay is currently the President and owner of CompareHRIS.com, a web site dedicated to assisting HR professionals with their search, selection, implementation and use of HR software. CompareHRIS.com offers an extremely comprehensive HRIS selection tool to assist you with your HRIS, HRMS or HR software selection process. Make sure to download CompareHRIS.com’s free HR and Payroll Software Buyer’s Guide.
