In many instances, the average employee has no idea what costs an employer incurs to employ a person full-time.
Let’s say an employee has a salary of $30,000 a year. It’s likely that employee believes his or her total compensation = $30,000 a year. But that doesn’t begin to consider the employer-paid portion of health, dental, vision, short- and long-term disability--or any other benefits. Not to mention the employer-paid taxes to employ that individual!
Payroll Data discovered that HR would spend hours in Excel spreadsheets at year-end to create benefit statements that show an employee’s total compensation.
Benefit Statements help an employer educate an employee on the cost of doing business, which in turn may help an employee show appreciation to the employer.
Orbit Solutions can do the calculations automatically, and you’ll eliminate the need for HR to spend 40 hours manually creating Benefit Statements at year’s end.
The Benefits Statement is a feature of our Payroll module, so most of the information is pre-populated. If employers would like to add specific values--such as paid vacation, payroll taxes, or parking reimbursement--the Benefits Statement can be customized.
If you’re an Orbit Payroll client and you’d like to create Benefits Statements, let your Client Service Representative (CSR) know. They’ll turn on the feature, and help you add employer information, like the employer’s premium for the company health and dental plans.
If you're not an Orbit Payroll client then talk to us to find out how Orbit Payroll can simplify your payroll processes.
You’ll be able to help your employees understand what the company pays on their behalf--without spending a month crunching numbers in a spreadsheet!