Rocklin, Calif. — Feb. 28
FreeTotalCompStatements.com, a free, on-demand total compensation statement software, has registered more than 100 companies, representing more than 8,000 benefit-eligible employees in its first 60 days of operation.
Clients that have signed up for the statement software range across all industries, including banking, insurance, manufacturing, nonprofit, education and technology.
The rapid growth reflects a growing trend in compensation package reporting, said Ray O’Donnell, president of TotalRewards Software Inc., the developer of FreeTCS.com.
“This marks a significant adoption milestone and one that we did not expect to achieve so quickly,” O’Donnell said. “The response to our free service has been tremendous, and the subscription rate to our fee-based, premium editions has also greatly exceeded our expectations.”
FreeTotalCompStatements.com is the free edition of TotalCompBuilder.com, a Web-based, on-demand total compensation statement software for employers of all sizes.
In addition to the free version, the TotalCompBuilder family includes the Agency Edition, designed for insurance brokers, consultants and third-party administrators, and two premium editions — Professional and Enterprise — geared to companies of all sizes.
The full-featured premium editions start at $50 per month per organization.
According to the Bureau of Labor Statistics, benefit costs average 30 percent of an employee’s total compensation package.
A recent Yahoo Hot Jobs survey, however, found 36 percent of the workers surveyed planned to leave their employer for one with better benefits.
In that same survey, 51 percent of employees who planned to stay cited a good benefits package as the reason.
“Based on these labor statistics, it’s no longer a luxury to show employees the full value of their benefits program and the tremendous impact it has their total compensation,” O’Donnell said. “It’s now a critical retention and recruitment tool.”