What is purpose of Total Compensation Statement - It's like the online payslip

Can someone explain how companies are using the Total Compensation Statement?  We never implemented it so I'm taking a look at it now, but it just appears to show the same information one could get from their online payslip, and it is more difficult to set up as it appears you have to list every single element name that could be a benefit or a compensation (we have different ones by union for the same pay/benefits as they have different union rules, so it gets repetitive).

I guess if you define periods that are quarterly or annual, it would make sense but if you look at this by pay period, it's no better than the online payslip.