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Value Compensation
July 16, 2008
Here's more information to back up the argument that PR and HR should join forces on the employee communications front: A study conducted by Harris Interactive and Charlton Consulting Group reveals that the majority of employees underestimate the value of their total compensation, due in large part to a lack of understanding/communications explaining the benefits packages. Among the findings:
- 51% of the U.S. full-time workforce believe their employer pays 30% or less for employee benefits such as health, life and disability insurance, and retirement benefits and paid time off;
- In contrast, employers actually pay 43% over and above wages and salary for employee benefits;
- 75% of employees who say they are "very satisfied" with their total compensation have at least "quite a bit" of understanding of their benefits package;
- Only 19% of employees "completely" understand the total value of their compensation package;
- More than 33% of employees are "very" or "somewhat" dissatisfied with the current total compensation.
Given this cloud of confusion surrounding employees' understand of their compensation, the survey points to an earlier Charlton Consulting Group study that offers insight into the role communications plays in conveying clearer messages:
- 97% of that survey's respondents said that personalized communications played a distinct role in helping employees to better understand their benefits and the value of their total compensation packages;
- % felt that total compensation statements in particular were important in communicating value to employees;
- However, 55% of respondents do not use total compensation statements as part of employee communications; and
- 93% of HR and benefits executives said that personalized communications were a valuable tool in recruiting and retaining employees.
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