Benefits will continue to be important for both talent acquisition and retention whether medical benefits are provided or not. And the next generation of total comp statement tools presents brokers with an ongoing opportunity. Different terms are used in the industry and following is a brief definition of the most common ones. Regardless of what you call them, the more comprehensive the statement the better the value to the employer.
Benefit statements: The traditional approach to benefit statements shows the cost for each employee’s benefits. Most often a summary of benefits is displayed in a table or a pie chart. This type of statement includes employer or employee costs or both. More and more a typical benefit statement includes voluntary benefits and government-mandated benefits like social security and unemployment contributions. Each benefit is described and usually follows the summary of costs and includes details regarding the employee’s level of coverage for each specific benefit.
