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The Hidden PaycheckThe Value of Total Compensation Statements

Will the webinar be recorded?

Yes!We will send you a link to the recording after the webinar.

Will the slides be available?

Yes!We will send you a link to the PDF after the webinar.

How do you ask questions?

Type your question into the “Questions” panel

Better Technology for a Better Benefits and HR ExperiencePlanSource is a technology company that offers flexible and intuitive software for benefits administration, insurance exchanges and human capital management for nearly 10,000 employers and 3.5 million consumers.

Market-leading brands…

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…in risk solutions and employment screening

Corporate Risk Holdings is the parent company of two separately managed businesses, Hireright and Kroll, each a leading global provider of risk and

information services. HireRight specializes in employment background screening and eligibility solutions. Kroll is recognized worldwide for risk

management services spanning cyber security, investigations, due diligence, compliance and security risk management.

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Today’s Speakers

Jessica FoustDirector, Employee Communications

PlanSource

Tracey BradleySenior Business ManagerCorporate Risks Holdings

Today’s Agenda

Total Compensation Statement Best Practices

Corporate Risk Holdings Case Study

Q&A

Importance of Total Compensation Statements

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Attract, motivate and retain employees by showcasing the value of benefits

Source: HR Daily Advisor

95%of employees receiving total compensation statements have a greater understanding of their reward package.

What is a Total Compensation Statement?

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Attract, motivate and retain employees by showcasing the value of benefits

Source: HR Daily Advisor

Personalized document that showcases the overall value of an employee’s financial rewards.

What’s typically included?

Compensation information

Insurance benefits

Leave benefits

Financial security elements

Additional benefits

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Why Produce a Statement?

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Keeps employees updated on their current compensation

and benefits

Raises awareness and appreciation for the benefits

your company offers

Shows the total value of working at your company

Reduces cost of benefits administration

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Who Benefits from a Statement?

EmployersEmployees

How to Make your Statements Stand Out

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90% of information transmitted to the brain is visual

Visuals are processed 60,000 times faster in the brain than text

Make it Visual

Deliver Statements with Pizzazz

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(sprinkle in some personality and fun)

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Make it Personal

Put the employee first!

Today’s Agenda

Total Compensation Statement Best Practices

Corporate Risk Holdings Case Study

Q&A

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Background

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• Kroll: Leading provider of risk management services to include cyber security,

investigations, due diligence and compliance and security risk management

• HireRight: Specializes in employment background screening and eligibility

solutions

• Approximately 1,450 US employees

• In early 2016, senior management requested we explore providing total rewards

statement to employees

1. Determining our statement needs

2. Choosing a vendor

3. Pulling together the data

4. Reviewing the statements

5. Provide to employees

Total Reward Statement Process

What data was critical to include in the statement

• A projection statement vs. a statement for the prior calendar year

(i.e., actual compensation)

• Mail or provide online

• Standard (out of the box statement) or customized

Asked benefits broker, PlanSource and conducted a web search

Determining What Was Needed

Interviewed 3 vendors

And the winner is: PlanSourceFlexibility and cost was a key driver

PlanSource already housed some of the data

Partnered with PlanSource on prior benefits communications

Choosing a Vendor

Data elements we included:• Salary

• Bonus

• Employer cost of medical and dental

plan premiums

• Employer cost of life insurance

• 401(k) match

• Employer paid payroll taxes

• Leave balance information

• Note all benefit plans available to

employees

Finalizing the Statement

Statement Example

Statement Example

Your 2016 Total Rewards

Annual Salary Bonus

Health & Welfare Benefits 401(k) Match

Payroll Taxes1.5

Statement Example

PlanSource: Ability to Customize

401(k)Plan EmployerAnnualMatch

401(k)EmployerMatch: $00.00

*By not contributing to the 401(k) Plan, you are missing out on the employer match. The company matches 100% of your contributions up to x% each pay period. The match is deposited to your Fiedlity 401(k) Account each pay period. You can enroll at any time on the Fidelity website at www.401k.com

Auditing the DataAudit, audit, audit

Pulled in various team members to verify data for several employees

Provided auditing team with an audit log to note any issues

Audited the data before we provided to PlanSource and then after PlanSource had merged the data into the statements

Need to ensure employee name and mailing address are correct

Mailing of the Statements

Email message from our CEO about the statements

Provided HR with an advance copy and where to send questions

Drafted and provided a Q&A document to the payroll department and benefits phone representatives

Positive feedback from executives and employees

Very few questions

End Result

Keys to Success

Determine your needs

Choose the right vendor

Develop a project plan

Know your data

Audit your data

Refine each year

Q&A

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Get in touch with uswww.plansource.com/getintouch

877-735-0468

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The Hidden PaycheckThe Value of Total Compensation Statements