A benefits statement provides employees with information about their total compensation such as health coverage, vacation time, parking, wellness center memberships and just about everything else. SHRM pointed out that another positive to benefits statements is they also offer information as when the employer is footing part – or all – of the benefits’ costs.

Such a statement doesn’t need to be complicated – even a list showing benefits, along with the costs and employer pay-in can go a long way toward educating employees that there is more to their compensation than the paycheck they receive.

This information can be enormously valuable to employees as they weigh their career and compensation options. After seeing benefits statements, employees might understand that, for example, not worrying about paying higher premiums for health coverage or having free parking is worth receiving a little less in a paycheck.

Meanwhile, on the employer side, benefits statements provide a good communication tool between management and workers.

"Employers find benefits statements tremendously valuable in helping their employees better understand and appreciate everything they provide," Adams commented. "We strongly encourage companies to take advantage of benefits statements to help with the increasingly important task of benefits education and communication."