Total Compensation Statement and HR Benefits
About the Client
The client is a force in patient care, research, the education of health professionals in a variety of disciplines, and advocacy. benefitexpress' work with the client involved crafting a Total Compensation Statement and an HR / Benefits Informational website for 1,200 employees in the downtown Chicago area.
Communicate to employees the value of their compensation packages.
How to Communicate About Compensation Packages
Employee retention in the healthcare field is extremely competitive. There is huge demand for healthcare workers' services and they have lots of employment options in a large metropolitan area like Chicago. In a series of town meetings that the client's Human Resources and Benefits departments conducted before starting their relationship with benefitexpress, it became clear that employees did not fully understand the true costs and value of their compensation packages. "The employees were only seeing what they were contributing toward their own benefits and that's only a small part of the picture," said Susan Amos, director of operations for benefitexpress.
A hot-button issue for the client's employees - and other companies' staffs - in downtown Chicago is parking. The client subsidizes its employees monthly parking expenses and the employees pay the rest on a pretax basis through their flexible spending accounts. "What employees weren't realizing was that the client might have been paying $1,040 annually per employee while you are paying around $700," benefitexpress' Amos said. "You don't appreciate what you don't know you are receiving."
Another challenge in creating the Total Compensation Statement for the client was the timing of when the data should be mined and when the statement should be sent to employees. That's because the plan year changed July 1, the pension information was a look back to Jan. 1, and salaries increases were to go into effect Nov. 1.
It's Worth It
Working closely with the client, benefitexpress created Total Compensation Statements for the client's employees that were based on a mid-September "snapshot" of their benefits packages and mailed at the end of September. That was the culmination of a process that had begun in July. Employees received a personal login so they could go online to My Benefit ExpressTM and view customized data about their salaries, pensions (including projected numbers for early retirement and age-65 retirement), plan details, co-pays, and deductibles.
The employee response was great. About 40% of employees visited My Benefit ExpressTM to view the details of their Total Compensation Statements, and to have basic questions answered about their benefits package. The website was populated with all of the benefits summaries, forms, documents, policies, procedures, vendors links and contacts, so the employees now have a central place to go to obtain information they need and answers to their questions.
Following the transmission of the Total Compensation Statements by benefitexpress, the client has observed employees' more positive attitudes toward the more open human resources environment. "They were particularly 'bought into' the wealth of data about the client's contributions toward their subsidized parking benefits," Amos said.
With the hundreds of visitors to My Benefit ExpressTM, the Human Resources and Benefits departments can focus on handling more complex issues, with information about routine questions available on the site.