Quality employees are hard to find and even harder to retain for any business. According to a recent U.S. Chamber of Commerce Study, employers are spending an average of 38.4 percent on top of payroll for benefits. These benefits cost dollars to an employer and they are often not appreciated by employees since they do not see them in the "Take Home" pay. The W&A, Inc. Employee Benefit Statement summarizes the various benefits that an employer provides to its employees. The hidden benefits such as FICA, FUTA, SUTA, Workers Compensation and Unemployment Benefits, as well as, the various benefits offered by an employer are presented in a manner that any employee can understand.
2.Make employees aware of the value of employer provided benefits.
3.Provide the employer with a recruiting and retention tool.
4.Provide the employer with a tool for determining the total cost for each employee.
The W&A, Inc. employee benefit statement gives the employer the ability to effectively communicate to its employees the value of employee benefits and other employer provided goods and services. Information is the key to employee morale. Appreciation of the commitment that an employer has made to benefits will aid in retaining quality employees.
W&A, Inc. will analyze the various benefits and costs of providing those benefits by an employer, and categorize those benefits for the statement. This process is done with a small amount of time required by the employer. Our experienced personnel can analyze benefit contracts and various billing statements to save valuable employer time. Employee data such as names, dates of birth, compensation and other facts can be submitted to W&A, Inc. in a variety of formats on diskettes, or we can adapt to many ASCII formats that may be available automatically from a payroll vendor's software.
Benefit Statements are generated from a format selected by the employer. The statements are produced with necessary mailing information, or with envelopes for hand delivery by the employer.
Once the statements are complete, a complete summary of the benefits and demographic information produced will be provided to the employer in a compact format for information and comparison purposes. Many employers are not aware of the cost of providing benefits to different employees, and this information will now be available.