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Advantages:1) Data can be 'fresh', enhancing relevance of the employee benefit statement.2) 'New hires' with less than 1 year of service can be included and display a 'full plate' of employee benefits and entire year of compensation. These new hires typically have the highest turnover rate, so retention may be improved.3) Pay raises + other increased costs can be included. It would be unusual for benefit costs to decrease year to year. As a result, Total Compensation (2008) will typically be higher than for (2007).4) Recruiters & Competitors trying to tap your employee pool will be using 'current numbers' (forecasts), not 'old data'. You will compete on a level playing field.5) Timing of an employee benefit statement becomes irrelevant. September is every bit as good as February. Maybe better.

Time for another meeting with HRIS/IT. You have updated your list of variable items & now must make an important decision. Is this to be an 'historical' employee benefit statement or a 'forecast' document? Or both?
An historical (look back) will focus on what has happened within a specified time period, usually the previous calendar year. A forecast document will look forward based on 'now' for the current time period, usually this calendar year.
Opinions on 'which is best' vary on this issue but the differing end results can be significant. Go back to the basics:1) Think like an employee2) What were your goals?
Most employees are less concerned with last year than 'what is' this year. If you agree, then you may choose a forecast employee benefit statement or a 'hybrid'.

Disadvantages:1) Requires a thorough understanding of 'business rules' and HR procedures. An example would be Vacation, PTO accrual.2) Will require more calculated items (#1).3) Will require more caveats and disclaimers.4) May result in lower Total compensation where pay is heavily dependent on Bonuses & Commissions.5) Feels less precise from an HR perspective.
The advantages & disadvantages of an historical statement would be reversed.

There is no perfect solution. Employee benefit statements are often not 'a perfect snaphot' but instead, a 'slide show' stretched over time. One alternative is to display last year's Gross Wages .... add a few minor caveats, then display "Current Annualized Wage". As long as you explain and are truthful, employees will 'get it' and appreciate not only the content, but also your effort and attention to detail.

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