Annual Benefit Spend Change Report is the annual comparison report between the amount spent on employee benefits in the current and the previous year.
Furthermore, you can calculate the Benefit Spend Change against the Total Compensation between two periods.
What is Annual Benefit Spend Change?
However, Annual Benefit Spend Change is amount and percentage change in Benefit spend between two specific periods.
Annual Benefit Spend Report Excel Template
We have created Annual Benefit Spend Report is an excel template with predefine formulas for a comparative study of Benefit Spend between two specific periods.
Thus, all you need to do is add the data for respective years and you can calculate the benefit spend change in terms of amount and percentage.
How To Use This Excel Template?
Moreover, Annual Benefit Spend Report Excel Template consists of 2 sections:
- Benefit Spend Change
- Benefit Spend Change Against Total Compensation
Firstly, this section derives increase or decrease in spends against the same head between two years. Whereas the second section derives decrease or increase of benefit spend against the total compensation paid during those years.
1. Benefit Spend Change
Therefore, Enter the following details of benefits that were spent during two consecutive periods against each head:
Retirement Plans
Health Insurance
Life Insurance
Disability Insurance
Vacation
Others
It will automatically calculate the increase or decrease in spends against the same head between two years.
Therefore, applying above-given formula, the difference in terms of amount as well as in term of percentage will be calculated.
2. Benefit Spend Change Against Total Compensation
So In this section, the benefit spends for respective years will derive from the previous section. You need to enter the total compensation amount for both the years. It will calculate benefit spend rate and difference in terms of amount and percentage.
Thus, The formula applied here is:
Benefit Spend Rate = Benefit Spend/Total Compensation. (Select the percentage format)
