Benefit statements can sometimes be seen as a thing from the past, but why?

Benefit statements can sometimes be seen as a thing from the past, but why? Do they have a value in current business engagement with employees? At Acorn Support, during times of austerity, where businesses may not be able to afford pay increases because of the additional costs that come with them, we encourage our clients to produce and issue Benefit Statements for their employees. These can include additional benefits that will have more of an intrinsic value to employees.

Benefit Statements can deliver transparency on all of the areas that employees are remunerated with. By employees being able to understand everything that they gain from their employment relationship it will improve on engagement. Benefit Statements enable a business to ensure they are compliant with their objectives and the delivery of compensation to employees, and also providing employees with the opportunity to confirm all of their personal details are correct. By producing Benefit Statements you can have clear guidance to new employees during the recruitment process so they can see what they will be benefiting from when they joined the company. This can help employees explain to their families how they have benefited from their employer in the absence of an incremental pay increase.

What to include in a benefit statement:

  • An introduction or WHY? – Is there a message that you want to deliver you
  • Personal information – Use this as an opportunity to verify all of the information that you store with regards to an employee
  • Summary of key benefits salary, overtime, bonuses
  • Additional areas provided i.e. healthcare, death in service, company car or car allowance, fuel, holidays, sickness, pension, etc
  • Extra benefits of the company for example a canteen, a place to rest, free parking, free drinks are provided
  • Company workwear – what is provided, how are they utilised
  • Ensure you include a conclusion – what are the key areas that you’ve covered, is there any thing that is new

Don’t forget to ensure that all benefits are highlighted and provide contact information should there be any queries.

So, if you would like to know how to put together a good Benefit Statement for your employees and are unsure where to start, give the Acorn Team a call and we will be delighted to talk it through with you and to show how we can be supporting the physical, financial and emotional well-being for your employees.

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