I found this a little difficult to believe.
A new Research Report published by Charlton Consulting Group, which features the responses of HR and Benefits executives from more than 128 different organizations, presents some interesting key findings, including the following:
Few employees fully understand their total compensation package. Only 5% of the executives surveyed believe employees fully understand and appreciate the value of their total compensation package.
Employers see total compensation statements as an important tool for communicating with employees about their total compensation. An overwhelming 96% of the responding executives feel that total compensation statements are important in communicating to employees about their total compensation.
Most employers, however, are not using total compensation statements. More than half of the respondents (55%) are not currently using total compensation statements as part of their communication with employees.
What a disconnect, particularly in these times of ever increasing health benefit costs. Total compensation statements are not that difficult to pull off, at least at a basic, no frills level. A number of my smallest clients, including some organizations that are too small to even have their own HR staff person in-house, manage to distribute personalized total compensation statements to their employees on an annual basis, even if the statements are rudimentary and home-grown.
Plus there are reasonably priced electronic and web-based statement providers are out there to assist with this important communication (for example, check out the Perkins Consulting website, owned and operated by my friend Bob Perkins, a local vendor, to see some good sample statements).
No excuses on this one.
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