The Power of Voluntary Benefits
A lot of employers are hesitant to offer voluntary benefits to their employees. With the rising costs of health insurance premiums, employers jump to the conclusion that their employees wouldn’t be interested in additional coverage they would have to pay for. But the truth is, voluntary benefits add value to the employer. How, you ask?
Types of Voluntary Benefits
First, let’s review what a voluntary benefit is. A few of the traditional voluntary offerings include dental, vision, disability, critical illness, life and accident insurance. Non-traditional voluntary benefits may include group legal plans, pet insurance, financial planning, employee discount programs, educational and adoption assistance and identity theft insurance.
Advantages of Voluntary Benefits for Employees
Because of their cost efficiency and portability, voluntary benefits are becoming a central component of many companies’ overall benefits strategies, offering high value to employees all with minimal effort and cost to the company.
Voluntary benefits can be presented to employees to pick and choose from for elective purchase. Employers can offer value to employees with the following:
- Reduced group rates
- Convenience of payroll deductions
- Boost of work-life balance (from such programs as educational assistance)
- The ease of having multiple options all in one place
The Value of Voluntary Benefits for You
Your company can benefit in many ways from offering voluntary benefits. A good set of voluntary benefits can
- Cost you little or nothing to offer
- Provide great value through cost efficiency and convenience to your employees
- Aid recruitment efforts because certain benefits, such as dental and disability, are highly valued
- Help build loyalty and retention, reducing employee turnover and associated costs
Communication is Key
Educating your employees on the value of voluntary benefits is the key to realizing the many advantages these benefits can offer. If your employees don’t know about the various insurance products and programs you provide, they can’t take advantage of them. More importantly, educating employees about your voluntary benefits, and how they work, will help employees understand the full value of what you’re offering.
Because of their cost efficiency and portability, voluntary benefits are becoming a central component of many companies’ overall benefits strategies. Give us a call to discuss the options available to you.
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