Benefits make up 30-40 percent of an employee's total compensation package, yet most employees are unaware of their company's financial commitment beyond direct pay. The BENEFITFOCUS® Total Compensation App is an education and retention tool, incorporating both salary and benefit details so employees appreciate the full value of their compensation package. The app is available through BENEFITFOCUS® HR InTouch.
With the Total Compensation App, you can easily give employees access to their statements online, throughout the year, at any time. By listing the financial value of standard benefits like medical and life insurance, as well as vacation time, wellness perks and other voluntary benefits, the Total Compensation App helps employees see their "hidden paychecks"—the dollar value of the benefits that complement their salaries.
In an increasingly competitive economy, benefits are key to employee retention. The Total Compensation App provides a proactive way to improve overall employee satisfaction and company loyalty, giving employers greater value from the benefits they already provide. The app incorporates data from multiple benefit types, including:
- Annual compensation and bonus pay
- Paid time off for vacation, sick leave, bereavement, military leave and jury duty
- All core, voluntary and retirement benefits
- FICA and Social Security contributions
- Educational assistance programs
- Relocation expenses and company perks
Employees have access to their total compensation statements at any time throughout the year.
The Total Compensation App aggregates data from HR InTouch’s online enrollment system and external sources like payroll files to create a personalized compensation statement for each employee. You can customize the statements with messages that include anything from “Prepared for Jane Smith” to a paragraph thanking the employee for his or her service. Graphs are included to show total compensation values by benefit type or category.
Employees download, save and print their statements directly from the HR InTouch portal. Benefitfocus can also provide printing and fulfillment so employers can send out color hard copies of total compensation statements at least once a year.