What is the purpose of a benefits statement?

The primary purpose of a benefits statement is to provide employees with a clear overview of their benefits in terms of dollar amounts. This document typically includes details such as the value of health insurance, retirement contributions, paid time off, and any other perks that an employee might receive as part of their compensation package. By presenting this information quantitatively, employees can better understand the total value of their benefits and how they contribute to their overall financial well-being.

In contrast, reporting employee attendance is related to tracking work hours and ensuring compliance with workplace policies, while managing payroll deductions involves the administration of withholdings for taxes, benefits, and other items, which is a different function altogether. Summarizing organizational performance focuses on the company's achievements and metrics rather than individual employee benefits. Thus, the correct option highlights the specific role of benefits statements in communicating the financial aspects of employee benefits.