WHAT DOES PLANNING FATHER'S DAY DINNER HAVE TO DO WITH EMPLOYEE BENEFITS STATEMENTS?
As I scouted around for recipes in preparation for a special Father's Day dinner this past Friday, I found myself challenged with finding something delicious yet diabetic-friendly. You see, when searching for foods that are both low in carbs and palate-pleasing, we don't often get that same level of satisfaction especially when looking for alternatives to things like pasta, cheese, and sugar. We get accustomed to how foods look and taste and fail to see the value of those ingredients as part of our overall wellbeing.
The same applies in business when you talk about employee compensation and the importance of benefits statements and the value they bring to both an organization and its employees. Generally speaking, benefits constitute an estimated 30 to 40 percent of an employee's total compensation package yet most employees only know what they are earning on an hourly, weekly or annual basis. They don't have any idea the value of their benefits as part of their overall compensation.
Employees run to the competition for an increase in hourly wage without any consideration to their total compensation. By the time they realize it, it's too late. Likely, they are unable to return to their old job.
Benefits statements are considered an educational tool that employers find tremendously valuable. They help employees better understand and appreciate everything the company provides them. They can be outlined based on an organization’s preference and the benefits offered. At a minimum, benefits statements include medical coverage, disability, and life insurance, as well as paid time off, company holidays, housing accommodations, vehicle allowance, meals, 401K matching, profit sharing, club memberships, and any other voluntary benefits offered that the company pays all or part of the costs.
If you're not currently providing annual benefits statements to your employees, please considering doing so and including it in your employee retention program. I'm confident you will find the benefits of implementing such a practice far outweigh any administrative costs.
As for the outcome of my Father's Day dinner planning? Delicious Snapper with Tomato-Caper Topping and Kale Quinoa Feta Salad with the grand finale, yummy homemade Melon-Mango Ice-cream. The best part of it all, quality time with my dad laughing and listening to him tell his granddaughters crazy stories (mostly about me).