7 out of 10 Employees have no idea what their benefits cost their employer !!!
A benefit statement is a periodic "snapshot" of benefits that helps employees see how employer dollars spent on benefits adds to their paycheck. Benefit statements provide a brief outline of company provided benefits and related cost. On a single page an employee can see the dollars-and-cents value of the benfits employers provide through their benefit program. It's like condensing several pages of an employee handbook into a single page. An understanding of the benefits you provide increased employee satisfaction leading to improved morale and productivity.
A Personal Benefit Statement consist of the following:
A brief statement explaining the purpose of the benefit statement and express appreciation to the employee.
A Summary of Benefit Cost showing the employee the cost of the benefits paid for by their employer as well as their actual realized income.
Benefits description providing a brief outline of each benefit, such as health, dental, etc.
Retirement type benefits such as 401K, profit sharing, etc.
Miscellaneous benefits such as paid vacation, sick leave, holidays, etc.