Services . . .

Benefit Statements
The recent resurgence of benefit statements in the marketplace has not surprised EFP's founder, Charlie Stepnowski.  "Back in my days in Personnel and Labor Relations, we used them as a tool to help communicate to our employees the value of their benefit package.  We would refer to these benefit statements as the employee's 'hidden paycheck'.  I found benefit statements to be an effective part of the process in educating employees on the value of their total compensation package.

Once the tool of large corporations, the economics of technology has made benefits statements an attainable tool for any size business.  EFP's research shows three broad reasons for the revival.

• Speed and Flexibility:  Now typically, all an employer needs to provide is the employee census and existing benefit participation in an electronic file.  Companies can customize the statements to the employers specifications with minimal effort on the employers end.
   

• Cost:  The employer can now provide the census information with minimal impact on its support staff.  In years past, it would require as substantial number of hours for an employer to gather the census information.  Now, it can be provided in a relatively short period.
   

• Necessity:  Employers are faced with the growing challenges of employee retainment and soaring benefit costs.  Benefit statements, if used properly, can help address both areas.  Educating the employees on the real costs of their benefits can uncover a new level of appreciation for their employer.  Benefit Statements can truly show the 'hidden paycheck'.
  
  For more information about benefit statements please contact either Michael Stepnowski 1-800-229-5129 X222.