SANTA BARBARA, Calif., Dec. 18, 2003 (PRIMEZONE) -- Benefit Software Inc. (www.bsiweb.com), developer of Fringe Facts(r) Online, helps Olympus America Inc., communicate to its employees the total cost of health insurance and other benefits with personalized online TotalComp(tm) employee benefit statements.
Olympus America, a company of approximately 2,000 employees, is headquartered in Melville, New York and has locations throughout the United States. Its immediate goal was to implement a cost effective solution to communicate the investment they make in each of its employees and to give employees a secure and easily accessed source to review all of their total rewards information.
According to Kevin Cummings, Director of Compensation and Benefits at Olympus, "We offer a very competitive total rewards package and we want our employees to understand and appreciate its value. We invest a great deal in our employees; on average, non-salary related benefits are an additional 40% of our payroll. Employees are insulated from the true cost that is being paid for these benefits which is why we chose to offer personalized total rewards statements that clearly communicate what the company spends."
"By switching from printed statements to Benefit Software's online TotalComp statements, we saved a substantial amount in consulting fees and at least $3,000 in production and distribution costs. The online statements were easier to customize, provided a quicker turnaround for changes and they were more visually appealing. Feedback from employees and management has been very positive."
William Smith, Head of Sales and Marketing at Benefit Software says that, "When updated periodically, online TotalComp benefit statements more accurately reflect the current status of an employee's entire benefit package. This allows new hires to immediately see the value of their total compensation and existing employees to see the impact of status changes as they occur instead of waiting up to a year when a traditional paper statement would be available."
"TotalComp Online can also include links to key third party providers, like medical insurance carriers, so that employees can quickly find a doctor or hospital they may use under their medical plan. Our clients tell us that these additional resources make TotalComp Online much more valuable than traditional printed statements."
About Olympus
Olympus is a precision technology leader, designing and delivering innovative solutions in healthcare and consumer electronics worldwide.
Olympus works collaboratively with its customers and its parent company, Tokyo-based Olympus Corporation, to leverage R&D investment in precision technology and manufacturing processes across diverse business lines. These include:
-- Gastrointestinal endoscopes, accessories, and minimally invasive
surgical products;
-- Advanced clinical and research microscopes;
-- Lab automation systems, chemistry-immuno and blood bank analyzers
and reagents;
-- Digital and film cameras and digital voice recorders.
In the U.S. and Canada, Olympus serves healthcare and commercial laboratory markets with integrated product solutions and financial, educational and consulting services that help customers efficiently, reliably, safely, and easily achieve superior results.
Olympus is the leader in gastrointestinal endoscopy and clinical and educational microscopes. The company's market leading consumer products business spans North and South America. For more information, visit www.olympusamerica.com.
About Benefit Software Inc.
Benefit Software Inc. (BSI) is an industry leader in the development and support of PC software and Internet hosted solutions connected to employee benefit communications and workers' compensation. BSI has been in business since 1978 and is the preferred communications solution to thousands of US and Canadian organizations. For more information, visit www.bsiweb.com.
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