Benefit Statement Software Frequently Asked Questions

Questions and Answers About COMPackage Employee
Benefit Statement Software and Personalized Benefit Statements

If you’ve never worked with personalized benefit statements before, you may initially have some questions about COMPackage’s benefit statement software. How will this technology help me? Is it easy to use? What are the benefits of using COMPackage benefit statement software over an outside source? Over the years, we’ve collected the questions we most often receive from clients, and we’ve assembled them all on one easy-to-read page. We’ve provided answers to these and other questions below.

If you have a question about personalized benefit statements that is not listed below, feel free to contact us today.

Q. Can COMPackage's benefit statement software help resolve employee-related issues such as high turnover, poor productivity and low morale?
A. A lack of consistent, accurate and reliable employee communications is at the heart of many of these problems. There is a disconnect in communicating the difference between the actual dollar value of an employee's total compensation and the perceived value that an employee realizes when he/she reads the "after tax amount" recorded on their paycheck, which represents only about 50% to 65% of their total compensation. The employer's financial commitment to provide competitive wages, security, safety and future economic health for their employees is seldom communicated and many times, this lack of communication results in the difference between productive, loyal employees and poor job performance caused by low employee morale. It can be a costly miscalculation for the employer who does not realize the importance of providing accurate and timely communication in not reporting sensitive compensation information to their employees on personalized benefit statements.

Q. Our company needs an easy solution that does not require technical know-how. Will your benefit statement software be too technical for our small company?
A. Whether you have one employee or 3,000 employees, COMPackage can provide a simple solution and allow you to better communicate with your employees. Your employees deserve to know how much you they are really worth - usually 40% more than their base salary – why not tell them so? The "Report Builder" is menu-driven with help screens that take you through a simple five-step process. Most personalized employee benefit statements (the ones that you choose to do one-at-a-time) take about six minutes to build and can be printed at any time on demand, within seconds. Read our blog post on how companies of all sizes can benefit from total compensation software or learn more about our compensation software for small businesses.

Q. When should I use the personalized compensation and fringe benefit statements?
A. COMPackage Total Compensation Reports can be used for year-end reporting, employee performance reviews, employee retention, and even recruitment strategies.

Q. How can I customize COMPackage Benefit Statements for my unique company requirements?
A. The beauty of COMPackage is that it automatically customizes each personalized benefit statement when you input the information into the "Report Builder" database. Each report that you build is unique and exclusive to your company and your people. Custom information on each personalized benefit statement includes: your company name, address and employee communications policy statement, personal information about each employee, a list of standard benefits that you offer to all of your employees and the special benefits or fringe benefits that pertain to individual employees.

Q. Will confidential employee information be secure when using COMPackage? Can personalized employee benefit information be hijacked, hacked or misappropriated by others?
A. With COMPackage's personalized benefit statements, your information is never at risk. In the desktop version, your private company information is input and stored on your hard drive and by using password protection; only authorized personnel have the ability to access personalized benefit statements or print reports. In the hosted version, all employee name info is encrypted so that no Internet hacker could identify which person the financial data belongs to.

Q. Does the pricing of employee benefit statements have any flexibility within the package prices?
A. Yes. Single statements in addition to limited quantity packages are only $20 per report, with the purchase of any package. Extra reports also make great recruitment tools for new employees throughout the year.

Q. I only have a few employees and don't need 15 licenses. Isn't there a way to buy only a few?
A. Presently, there's nothing on the market that we know of available for less that 50 - 100 employees, so let's say you only have 5 employees? For $299.00, or less than $50.00 each, you have a best practice productivity tool available to your small company. If you tried to emulate this copyrighted benefit statement software yourself, it could take you an endless number of hours. Your time is worth more than $299.00, isn't it?

Q. Times are tough. Why would I want to use personalized benefit statements, especially if we're cutting back on compensation strategies?
A. Now is the most important time for personalized benefit statements. Your employees should know that their package is 40% more than their pay. The best way to tell your employees about the value they bring to your company is through Total Compensation Reports. These statements will assure them that your company is doing the best it can to reward its employees and keep them satisfied in an economic downturn.

Q. We have our employee data in a database. Is there an easy way to load this into COMPackage's benefit software?
A. Yes. If you can export your employee data to Excel, or to any file than can be opened in Excel, one employee per line, your data can easily be imported into COMPackage using the Employee LOADER feature.

Q. How long does it take to input 100 or 1000 employees into COMPackage?
A. Not long at all! Before COMPackage developed the Employee LOADER, it took 5-10 minutes to create each employee record. Using the Employee LOADER, you can import all of your employees from an Excel file. If you have, or can create, an Excel file of your employees, it takes a few minutes to map your column headings to the headings in COMPackage. Once that's done, importing employees takes only minutes, whether you have 100 or 1,000 employees.

Q. We do our employee reporting using a manual system we created. Are there benefits to using COMPackage benefit statement software instead?
A. Customers tell us that creating total compensation reports internally takes days or weeks to complete. COMPackage lets you accomplish this in a few hours, and provides compelling, colorful, professional reports that clearly present the employee’s total compensation package.

Q. We use an outside service for our personalized benefit statements. Are there benefits to using COMPackage instead?
A. Yes. Firstly, there is cost savings. For example, if you have 5000 employees, the cost can be less than $0.40 per employee. In contrast, many companies outsource this function for tens of thousands of dollars. Also, companies tell us that even though they outsource this function, there is a level of effort to prepare employee files for the vendor providing the reports. In fact, using COMPackage can take you less time than you currently take in outsourcing your personalized benefit statements. Choose the price package that is right for you!

 

If you would like more information about COMPackage's personalized benefit statements, please contact us today.