The Real Value Statement: Aggregating Pay and Benefits on the Internet

Abstract

Total compensation statements have long been touted as the most effective means of showing employees the real value of their employment. Right there on one piece of paper, or computer screen, is a summation of cash compensation and the dollar value of company benefits. Unfortunately, the statement is a snapshot in time, and because of the complications of compiling the information, the statements are sent out months after the snapshot was taken. Only a handful of employers have made the leap to the next generation: the real value statement. This statement is delivered through the Internet and can be generated in real time using up-to-the-minute data. Moreover, it includes the information employees are really interested in monitoring, such as 401(k), FSA, HRA, and stock option values. The real value statement will not be real for most employers until somebody can find a way to make it scalable and reasonably priced for HR budgets.