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The Hidden PaycheckThe Value of Total Compensation Statements
Will the webinar be recorded?
Yes!We will send you a link to the recording after the webinar.
Will the slides be available?
Yes!We will send you a link to the PDF after the webinar.
How do you ask questions?
Type your question into the “Questions” panel
Better Technology for a Better Benefits and HR ExperiencePlanSource is a technology company that offers flexible and intuitive software for benefits administration, insurance exchanges and human capital management for nearly 10,000 employers and 3.5 million consumers.
Market-leading brands…
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…in risk solutions and employment screening
Corporate Risk Holdings is the parent company of two separately managed businesses, Hireright and Kroll, each a leading global provider of risk and
information services. HireRight specializes in employment background screening and eligibility solutions. Kroll is recognized worldwide for risk
management services spanning cyber security, investigations, due diligence, compliance and security risk management.
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Today’s Speakers
Jessica FoustDirector, Employee Communications
PlanSource
Tracey BradleySenior Business ManagerCorporate Risks Holdings
Today’s Agenda
Total Compensation Statement Best Practices
Corporate Risk Holdings Case Study
Q&A
Importance of Total Compensation Statements
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Attract, motivate and retain employees by showcasing the value of benefits
Source: HR Daily Advisor
95%of employees receiving total compensation statements have a greater understanding of their reward package.
What is a Total Compensation Statement?
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Attract, motivate and retain employees by showcasing the value of benefits
Source: HR Daily Advisor
Personalized document that showcases the overall value of an employee’s financial rewards.
What’s typically included?
Compensation information
Insurance benefits
Leave benefits
Financial security elements
Additional benefits
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Why Produce a Statement?
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Keeps employees updated on their current compensation
and benefits
Raises awareness and appreciation for the benefits
your company offers
Shows the total value of working at your company
Reduces cost of benefits administration
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Who Benefits from a Statement?
EmployersEmployees
How to Make your Statements Stand Out
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90% of information transmitted to the brain is visual
Visuals are processed 60,000 times faster in the brain than text
Make it Visual
Deliver Statements with Pizzazz
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(sprinkle in some personality and fun)
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Make it Personal
Put the employee first!
Today’s Agenda
Total Compensation Statement Best Practices
Corporate Risk Holdings Case Study
Q&A
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Background
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• Kroll: Leading provider of risk management services to include cyber security,
investigations, due diligence and compliance and security risk management
• HireRight: Specializes in employment background screening and eligibility
solutions
• Approximately 1,450 US employees
• In early 2016, senior management requested we explore providing total rewards
statement to employees
1. Determining our statement needs
2. Choosing a vendor
3. Pulling together the data
4. Reviewing the statements
5. Provide to employees
Total Reward Statement Process
What data was critical to include in the statement
• A projection statement vs. a statement for the prior calendar year
(i.e., actual compensation)
• Mail or provide online
• Standard (out of the box statement) or customized
Asked benefits broker, PlanSource and conducted a web search
Determining What Was Needed
Interviewed 3 vendors
And the winner is: PlanSourceFlexibility and cost was a key driver
PlanSource already housed some of the data
Partnered with PlanSource on prior benefits communications
Choosing a Vendor
Data elements we included:• Salary
• Bonus
• Employer cost of medical and dental
plan premiums
• Employer cost of life insurance
• 401(k) match
• Employer paid payroll taxes
• Leave balance information
• Note all benefit plans available to
employees
Finalizing the Statement
Statement Example
Statement Example
Your 2016 Total Rewards
Annual Salary Bonus
Health & Welfare Benefits 401(k) Match
Payroll Taxes1.5
Statement Example
PlanSource: Ability to Customize
401(k)Plan EmployerAnnualMatch
401(k)EmployerMatch: $00.00
*By not contributing to the 401(k) Plan, you are missing out on the employer match. The company matches 100% of your contributions up to x% each pay period. The match is deposited to your Fiedlity 401(k) Account each pay period. You can enroll at any time on the Fidelity website at www.401k.com
Auditing the DataAudit, audit, audit
Pulled in various team members to verify data for several employees
Provided auditing team with an audit log to note any issues
Audited the data before we provided to PlanSource and then after PlanSource had merged the data into the statements
Need to ensure employee name and mailing address are correct
Mailing of the Statements
Email message from our CEO about the statements
Provided HR with an advance copy and where to send questions
Drafted and provided a Q&A document to the payroll department and benefits phone representatives
Positive feedback from executives and employees
Very few questions
End Result
Keys to Success
Determine your needs
Choose the right vendor
Develop a project plan
Know your data
Audit your data
Refine each year
Q&A
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Get in touch with uswww.plansource.com/getintouch
877-735-0468
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The Hidden PaycheckThe Value of Total Compensation Statements
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