Personalized Compensation Reporting for Human Resources

How many employees know the details of their benefits package? Are they aware of what it actually costs the company to employ them? Do they know how many vacation or personal days they have left in the year or if they can carry them over into next year? These are some of the questions answered the by periodic human resource statements employers provide for their staff. The issue is how effective is this form of employer communication at present?

Getting the Word Out

Personalized HR Statements or EOB (Explanation of Benefits) statements combine advanced HR document management with the power of variable data printing which has evolved with the development of digital print technology. Unlike traditional printing where a fixed printing plate is used to make multiple copies of exactly the same information, digital print technology makes it possible to produce thousands of individually customized pieces in a single print run. This means that attractive full-color personalized human resource statements can be produced quickly and economically. Examples of digital presses include the Hewlett-Packard Indigo, Xerox’s iGen and Eastman Kodak’s NexPress.

What Do They Do?

These “Total Rewards” statements are designed to present a confidential snapshot of an employee’s total compensation including salary, pension benefits, medical and dental plans as well as hidden costs such as employer taxes and contributions to workman’s compensation plans. They use attractive color graphics to simplify information in a succinct and easy to read presentation.

Personalized HR compensation and benefits statements serve other purposes as well. They can act as a new weapon in the so called “war for talent,” a term popularized by a 1998 McKinsey and Company report. In today’s competitive business environment, reliable, high-performing employees demand flexible benefit packages that can be tailored to their changing life stage and lifestyle.

A clear, concise and complete picture of an employee’s monetary and non-monetary benefits allows employees to value their employer well beyond their pay cheque. Thus they provide an important way to retain and motivate talent.

These statements also serve as venues for informing employees of the terms and conditions of their benefits package and recent changes to coverage or claim limits. Personalized HR statements can be used to communicate or reinforce the company’s vision, mission and values or highlight an important new campaign as well.

A number of firms provide personalized HR statements using variable data printing.

Sources: www.aiim.com/hr_smartstatements/