Squeeze More Value Out of Your Benefits Program
Demonstrate the ValueWhen compared to employer-sponsored benefits, many employees may fail to see the value of voluntary benefits they must personally finance. For example, one perk to voluntary benefits is that purchasing insurance through an employer group is often cheaper than buying individually, yet research shows few employees are aware of this. When promoting your voluntary benefit options, discuss the benefits of having coverage, the risks of going without, and emphasize the convenience and value of purchasing through the company and paying through payroll deductions.
Coverage EducationIt's important for employees to fully understand their policy so a misunderstanding doesnt lead to resentment toward the employer. For instance, if a consumer doesnt completely understand the nuances of property & casualty insurance and believes herself to be covered, it will come as a shock and possibly with misdirected frustration in the event of a major loss.
When offering any benefit option, employer-paid or voluntary, you should be sure your employees understand exactly how the coverage works. Here are a few ways to make sure your employees are sufficiently educated about their benefits:
- Invite current employees to monthly or quarterly benefits meetings provided for newly hired individuals
- Many voluntary benefits providers are willing to send a representative to discuss their coverage with employees
- While most benefits administrators dont have time to meet individually with employees, consider scheduling small-group meetings with a few employees who have questions
- Enhance your existing benefits communication program with social media which provides a convenient and effective way to reach out to employees with educational information, tips and reminders
Employer AdvantageIn addition to boosting participation in your voluntary benefits programs, providing this meaningful education can position you as a valuable source of knowledge and strengthen employee satisfaction and loyalty to your company. Talk to your broker to learn more about coverages available and communication resources.
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