Are total compensation statements worth it?

No matter how generous your organization’s benefits package may be, employees may not be aware of or understand all the benefits offered. Helping them understand their total compensation package can improve morale and company loyalty. One way to inform employees is by providing a total compensation (benefit) statement.

This statement highlights the monetary value of your benefits package, including those perks that may be overshadowed by traditional benefits. A typical total compensation statement may include information about salary; bonuses; commissions; stock options; employee stock purchase plan; retirement plan; 401(k) matching contributions; paid time off; health, life and disability coverage; wellness rewards (e.g., discounts and cash bonuses) and more.

The employer’s initial time and monetary commitment to gather data for a total compensation statement is worthwhile because it can yield the following results:

increased employee awareness around their benefits and the company’s financial responsibility associated with those benefits;
employees seeing a dollar amount for benefits that do not seem to have a tangible monetary value, like discounts or dry cleaning services;
promoting the idea of total compensation, beyond just a paycheck;
raising employee morale;
higher retention rates; and
showing total calculated compensation on top of base pay to potential employees, making your organization more competitive in the hiring process.

Where do you start? Check out this sample total compensation statement (which requires customization) for a guideline on what to deliver to your employees. For more information about employee benefits, our services and products, contact HANYS Benefit Services by email or call 800.388.1963.

SECURE 2.0 Discussion Series: Session Two

The retirement industry has been buzzing since the SECURE 2.0 Act was signed into law last December. This new, comprehensive legislation has sparked a lot of discussion. As with any major reform, it will take time for the industry to fully adapt and understand all its implications. Following our April 11 webinar on the first three months of the industry’s response, our team reconvened to discuss some of what we have heard from our client and vendor partners and to respond to some of the great questions we heard from attendees. Panel participants included the following HBS team members: Noah Buck, Christina Bauer-Dobias, Sean Bayne, Vincent Bocchinfuso and Kathleen Coonan. The Discussion SB – Throughout the webinar, I wanted to stress two things: 1) confusion about where to start and what is expected from plan sponsors is normal; and 2) even more than three months in, this is a developing situation and people should expect changes as time goes on. With those in mind, engagement through

SECURE 2.0 Discussion Series: Session One

SECURE 2.0 provisions: What we know and what’s still up in the air The SECURE 2.0 Act, signed into law in late December 2022, has factored heavily in retirement industry discourse since the final legislation was published. As with any legislation of this depth and breadth, there’s a lot to digest and the industry takes time to adjust. Our team of experienced advisors recently met to discuss some of the more nuanced provisions of the legislation, such as changes to Roth contributions, and what they could mean for plan sponsors. Panel participants included the following HBS team members: Noah Buck, Christina Bauer-Dobias, Sean Bayne, Vincent Bocchinfuso and Kathleen Coonan. Highlights of our panel’s conversation below should serve to help guide plan sponsor thinking. On Roth employer contributions NB – In addition to deferring pre-tax or Roth, plan sponsors can now allow employer contributions to be classified as Roth, is that right? VB – Correct. This is immediately available to plan s

What you should know about biosimilars

Rapidly increasing healthcare costs will likely continue to impact employers for the foreseeable future. As a result, many employers are considering strategies to manage these costs, including rising prescription drug costs. The introduction of biosimilar drugs as an alternative to biologics may bring value to healthcare by offering cost savings and increasing employee access to necessary medications. While biosimilars can potentially combat rising prescription drug costs, employers will need to learn more about them before considering how their health plans can accommodate these newer drugs. This article explores biosimilar drugs and ways employers can promote or manage their use. What are biosimilars? The European Medicines Agency defines a biosimilar as “a biological medicine highly similar to another already approved biological medicine.” It is produced from living organisms — humans, animals or microorganisms, meaning they aren’t created from synthesized chemicals. They are also

HANYS Benefit Services

Search This Blog