OnlineBenefits Launches the Real Value Statement
A new approach for communicating total compensation
Uniondale, NY (PRWEB) April 6, 2005
OnlineBenefits, Inc., provider of Internet-based HR solutions, announced the release of the Real Value Statement™, which gives employers of all sizes a whole new way to create and publish Web-based and printed total compensation statements.
The Real Value Statement is a personalized document that aggregates cash compensation, benefits contributions and tax savings for each employee through OnlineBenefits’ Benergy™ System. This new application takes the complexity and high cost out of total compensation statements. According to Alan Cohen, CEO of OnlineBenefits, “We set out to make the Real Value Statement affordable so that all of our clients, large and small, can take advantage of it. In most cases, our clients can distribute a statement both online and in print for less than $5 per employee per year. Companies spend significantly more than that for coffee.”
What is innovative about the Real Value Statement is that it simplifies the once arduous process of producing benefit statements, while still delivering valuable, personalized information and retaining the flexibility needed to make each client’s statement unique. Clients, or their brokers, can easily build statements through a combination of an online wizard and a user-friendly Microsoft Excel™ workbook.
Once the Real Value Statement is published to the Benergy portal, employees can access it at any time. As an online tool, it is simple to update throughout the year, giving employees the most current information. They can even print out the statement for their records. And using a unique utility developed by OnlineBenefits, employers can easily format and print the statements for hard-copy distribution to one, some or all employees.
John Gedney, President of OnlineBenefits, explains, “We are revolutionizing the total compensation statement at a time when many employers are looking for ways to justify health benefit cost increases to their employees. According to the U. S. Chamber of Commerce, benefit costs average 39% of total compensation, but it might as well be buried treasure. The Real Value Statement brings to the surface what employers actually spend for employees’ pay and benefits.”
Another distinction of the Real Value Statement is the inclusion of estimated tax savings. In addition to pay and benefits contributions, the statement contains an optional feature that actually estimates employeesÂ’ tax savings from employer-sponsored programs such as 401(k) and cafeteria plans.
There is also a section of the Real Value Statement devoted to displaying balances for retirement and investment programs, such as 401(k) balances, pension estimates and company stock programs. Thus the statement can represent total wealth derived from company programs.
A key advantage of the Real Value Statement is its integration within BenergyÂ’s communication portal. This marries the year-round education employees need to comprehend and use their benefit plans with the full picture of their personal pay and benefits. The combination of knowledge and value helps these benefit consumers manage their own participation more effectively.
About OnlineBenefits
OnlineBenefits, Inc. is the HR solutions company behind the well-known Benergy™ family of communication, administration and intelligence products. Its market-proven solutions enrich the benefits and HR experience for employers, employees and brokers in innovative, cost-effective ways. The company designs, implements and hosts its award-winning Internet-based applications and distributes them in partnership through its network of over 400 of the nation's leading brokers and consultants. Currently, over 4,000 employers of all sizes and 900,000 employees use Benergy solutions. In 2004, OnlineBenefits was named to the Inc. 500 list of America's fastest-growing private companies. Visit www. onlinebenefits. com.
This press release was distributed through eMediawire by Human Resources Marketer (HR Marketer: www. HRmarketer. com) on behalf of the company listed above.
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