Another way in which ABC adds value is by offering companies visibility into total compensation - from both the employee and employer perspective. The typical U.S. company spends 40% of its payroll on employee benefits compensation. Employees, on average, get paid an additional $10,000 to $12,000 or more in benefits coverage. Yet, these facts are largely under-recognized and/or completely ignored by both the recipient and the employer. (See US Chamber of Commerce study.)
Applied Benefit Concepts specializes in total compensation awareness and can provide itemized analyses of your employees' total salaries. Identifying the hidden costs of your benefits plans is a critical element to your ongoing planning. Just a few of the hidden costs can be identified as sick bank time, vacation rollovers and personal days. Knowledge is power. When your employees are informed, they are satisfied and communications tools like total paycheck statements help you attract and retain quality personnel.
Total Paycheck Statements are available in both a concise, single sheet form as well as a more comprehensive and detailed long form. To get a closer look at sample employee reports, choose from the following: