BeneTrax is a fully integrated, easy-to-use benefit information system that creates a bridge between payroll and human resources data in determining total compensation costs. This robust, powerful software program can help employers manage and project their human capital costs. Features include the ability to identify salary and benefit costs by job classification, location or operating unit; calculate impact of adjustments in salary or benefit costs; project accurate compensation costs for collective bargaining units within each company; and so much more.

BeneTrax provides three easy ways in which to help get Human Capital costs under control.

1. Total Compensation Reports

BeneTrax was the pioneer in engineering software to produce Virtual Compensation Formatting (VCF). VCF is the ability to create personalized and accurate Total Compensation Reports that are reflective of current salary and benefits. Highlights:

• Reports are easy for employees to understand
• A perfect tool to add value to your company benefit communications
• May be branded with you company logo
• Allow for easy distribution of additional information
• Reports are quick and easy to produce

Why provide Total Compensation Reports?

For an employer to proactively control benefit costs, their employees need to be part of the solution. When a personalized total compensation format is used to communicate benefits, employees may begin to understand that their employer does not budget their compensation by salary alone.

Through specific benefit communication, employees may develop a clearer understanding of increasing benefit costs directly affect their employers ability to increase salaries.

View a sample Total Compensation Report

2. Virtual Compensation Communication

Virtual Compensation is the ability to view and model current salary and benefit costs. To achieve the highest degree of accuracy in quantifying costs, Virtual Compensation should:

• Be on demand
• Be relative to any time frame
• Utilize the most current available data
• Use “real” numbers versus cost estimations
• Be customizable to situations

When the data is current and accurate, we are able to produce extremely valuable information. The BeneTrax software even affords employers the ability to project current and future total compensation packages (i.e. adjusting for salary increases, waiting periods, or benefit changes). Information may be used for:

• Position job-costing, for both current and potential positions
• Pre-hire interviews with potential employees
• Salary reviews for existing employees
• Annual compensation reports

With this information, you will be able to easily and efficiently display your Total Compensation program for selected employees and potential new hires. The program may also help lower employee turnover and increase employee morale.

90% of Fortune 500 companies produce Employee Benefit Statements. The key to virtual compensation is being able to do this on demand.

3. Human Capital Analysis

The Human Capital (or Labor) Cost is the total amount your company is currently investing in salaries and benefits. Our dynamic process allows you to project, manage, analyze and communicate your Human Capital costs. With BeneTrax you have the capability to:

• Identify all company salary and benefit costs as they specifically relate to an individual employee, group of employees, job classification, department, location, or any other operating unit
• Create risk allocation profiles
• Create precise percentage and dollar benefit cost reports
• Produce average cost models for compensation
• Forecast and budget using precise benefit costs – not estimations
• Determine the annual cost adjustment for a new employee after benefit waiting periods are satisfied
• Calculate hard dollar cost of payment for time not worked (vacations, holidays, break pay, etc.)
• Calculate Relative Productivity Index (RPI) for benchmarking productivity
• Project accurate compensation costs for collective bargaining units within a company
• Create ranking reports for benefits and compensation
• Calculate cost of sustained zero percent employee turnover
• Calculate impact of adjustments in salary or benefits costs
• Evaluate compensation criteria as it relates to tenure
• Compare and analyze compensation and benefits costs top companies of the same size, industry, or geographic location
• Assist in contractual or union negotiations by showing adjustments to Human Capital Costs
• Create modeling analysis of benefit costs for mergers and acquisitions

View a sample Human Capital Analysis Report

Special offer to Chamber member business! When the U-select® program is offered to employees, the company will receive a one-year license for the exclusive and very powerful BeneTrax software.

Print a BeneTrax brochure

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