Report indicates that benefits are higher priority than wages.
Scottsdale, AZ (PRWEB) January 25, 2006 -- RW Benefit Communications, specializing in customized, total compensation statements, reports that the company has experienced a 51% of growth in activity over the past year, concurring with a recent report published by the Employment Policy Foundation (EPA), “America Workplace 2005: The Changing Nature of Employee Benefits.” The report released in August of 2005, states that “benefits have replaced salary as the prime consideration of workers when deciding to change jobs.” EPA is a nonprofit, nonpartisan public policy research and educational foundation based in Washington, D.C. that focuses on workplace trends and policies.
At the company’s yearend, RW Benefit Communications reports an increased demand for benefits statements from companies across the country. The Scottsdale-based company expects even more activity throughout the first of the new year when companies offer their employees open enrollment for benefit options.
Romy Wightman, principal of RW Benefit Communications, attributes the increase in demand for benefit statements to rising health care costs which have urged several employers to not only seek creative ways to provide their employees with valuable benefits, but to also educate their employees about the monetary value of company benefits beyond salary. Romy Wightman predicts that this trend will continue to rise.
“Years ago, employers didn’t feel the need to share this information with employees,” said Wightman. “But more and more companies want to show employees exactly what it costs to provide medical, dental, and other benefits because the costs of these services are rising so fast.”
An improved job market, particularly in the southwestern region of the U.S., is also the impetus of employers providing and fully disclosing total compensation statements to their employees. Companies divulge this information as a means to retain talent in a restless job market, saving the company thousands of dollars they would otherwise spend in hiring and retraining new employees. Employers also use projected total compensation statements as a hiring tool to entice talented candidates in a highly-competitive job market.
“It’s not enough to simply say you offer employees a competitive salary-plus-benefits package,” added Wightman. “Compensation packages have become much more complicated – even over the past few years. Employees want to know the entire value of the benefits on the table, and employers don’t mind boasting to tell them. It’s a win-win proposition.”
Benefits that are part of an employee’s overall compensation package include stock options, retirement projections and participation in various investment programs. Additional benefits that are often overlooked as part of overall compensation include tuition reimbursement, use of a company car, safety uniforms and eyewear, company parties, service awards and incentives.
“Many employees don’t consider the costs a company accrues by offering lunches, company parties, and birthday and holiday gifts,” continued Wightman. “Those companies that offer extraordinary stock options or retirement and investment options deserve credit for compensating employees with valuable benefits. In turn, the employee feels more at ease accepting less salary and is more willing to shoulder health care costs. Overall, the employee and employer are more invested in each other for the long-term.”
About RW Benefit Communications, LLC
RW Benefit Communications is an employee communication company that has chosen to specialize ONLY in total comprehensive benefit statements. The professional staff of RW Benefit Communications has extensive national experience in all areas of employee benefits, including technical expertise in benefit calculations and developing formulas. Supporting companies large and small, RW Benefit Communications has perfected the graphic and informational aspects of their benefits statements creating the design and communication strategy tailored to each client’s specific goals.
For more information, visit www.benefitstatements.com.
Contact:
Melanie McBride
480-773-7754
www.benefitstatements.com
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