Year-end benefits statement for employees?

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Year-end benefits statement for employees?

Anyone doing this?

I think I asked about this in the past, but was interested in an update.

I like the idea in concept, but wasn't sure if employees really like it.

What has been your experience with giving employees this type of break out.

If one gives good benefits, it can drive home the point that, yes, your W-2 says $27k, but you are making 1/2 again as much in benefits.

I've been contemplating a quarterly bonus mainly based on charges for each quarter -- as a crude marker for how busy we are.

I was thinking something like $100-150 per quarter per employee -- we have 2.

But when I add that up, it's $400-600/year/employee which comes to a 1.5% bonus for one employee and 2.4% bonus for a lesser paid employee.

Not a bad bump in pay -- but wasn't sure if that was too little, too much?

Also, I've heard that some employees prefer getting the $400 at the end of the year -- golly, $400!

Rather than $100 each quarter -- yeah, whatever, $100.

Thoughts?

http://medicaleconomics.modernmedicine.com/memag/Medical+Practice+Management:+Staffing/Practice-pointers-Staff-pay-policies-that-work/ArticleStandard/Article/detail/111465

Year-end benefits statementYou have to get the payroll and retirement plan information together every year anyway. Why not share it with the employees in a way that is more complete and meaningful than IRS Form W-2? Our example is for a receptionist earning $13.00 an hour who may not realize she's in the $40,000 per year category. This summary will give her something to think about if she's tempted by 25 cents an hour more at another job. Annual employee compensation reportHere's what we paid directly to you:

Time worked

$24,547

Time not worked

2,493

$27,040

In addition, we provided these for you:

Employer's contribution to Social Security

$1,676

Employer's contribution to Medicare

392

State unemployment insurance premium

66

Workers' compensation insurance premium

196

Health insurance premium

2,900

Free health care

660

Pension plan contribution

2,704

Profit sharing plan contribution

4,056

Uniforms

370

Training

420

Parking

650

Total benefits

$14,090

Our total investment in you:

$41,130

Locke, MD