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Posted by: Altura Benefits in Insurance
It’s becoming clear that employee benefit packages are not a one-size-fits-all solution. The modern workforce is diverse, and this means that employee benefit needs are also diverse. Paying for every benefit under the sun can become an expensive endeavor, however, and many employers may not be able to afford to go this route. Voluntary benefits offer a solution, and with the right strategy, employees can experience voluntary benefits success.
Employees care about benefits. In fact, Joblist found that 54% of job seekers would consider taking a lower-paying job if it came with a better benefits package. Joblist also found that 67% of job seekers say that benefits are more important to them now than they were before the pandemic, and 80% of job seekers think employers need to re-evaluate their benefit offerings.
The simple truth is that if employers fail to offer the benefits that employees want, employees might look elsewhere for job opportunities. According to the U.S. Bureau of Labor Statistics, more than 4.5 million workers quit their jobs in March 2022. That’s a series high, but elevated quit rates have been going on for a while now. Workers are dissatisfied, and they’re looking for better opportunities.
Offering a strong employee benefits package can help employers attract and retain in-demand workers. At the same time, finding the right benefits to meet all employee needs can be challenging when different workers need different things, and covering all of these benefits can get prohibitively expensive for employers. Adding voluntary benefits can be the perfect solution.
Voluntary benefits, sometimes called supplemental benefits, can include a wide variety of benefits that are offered to employees via the employer. If an employee chooses to enroll in a voluntary benefit, he or she may be responsible for paying the full cost, often via payroll deductions. However, sometimes the employer agrees to pay a portion.
This situation can work well for both the employer and the employee. The employee can benefit from discounted group rates, thereby obtaining coverage at a better price than would be otherwise possible. Qualifying for coverage can also be easier, especially when it comes to disability insurance, life insurance and other insurance products that normally require medical underwriting. Additionally, the payroll deductions make paying for coverage very convenient, and some benefits may qualify for pre-tax deduction. Meanwhile, the employer is able to offer a robust benefit package without increasing costs significantly.
Some voluntary benefits are fairly common, and employees at medium to large companies may even expect some or all of these options. Common voluntary benefits include:
Other voluntary benefits are unique and highly differentiating. Employees may not expect to see these benefit offerings at all companies, and the companies that do offer them may stand out.
Some less common voluntary benefits to consider include:
Offering a voluntary benefits plan is a great way to let employees customize their own benefit package. It can also ensure that workers get the benefits they need without paying for benefits they don’t need.
There is one catch.
Many employees don’t actually understand their benefits. According to HR Executive, data from the International Foundation of Employee Benefit Plans indicates that 80% of employees never open benefits communications.
Health insurance and retirement plans can be complicated enough. When you add in an array of voluntary benefits, the situation can get even more complicated, and some employees may feel overwhelmed. If they don’t understand their benefits, they may not use them or even enroll in them.
The good news is that modern technology makes it easier to boost employee engagement regarding benefits. Even if you’ve experienced low participation rates in the past, it is possible to create a successful voluntary benefits program.
There’s no point in offering benefits that go unused. The goal is to boost employee satisfaction, and that can’t happen unless employees get the benefits they want and are able to use them.
The following tips can help you craft a successful voluntary benefits program:
Do you need to put together a winning employee benefits package? Altura Benefits can help you discover voluntary benefits success. We have strong relationships with major insurance companies and can help you find ideal solutions for your unique needs. Better yet, our Employee Navigator platform takes the hassle out voluntary benefits enrollment so employees can quickly and easily sign up online without taking time away from your HR team. We also offer HR and compliance support. Learn more.
Are you a company looking for benefits or an individual seeking insurance? We are here to help. Answer a few questions and we can get you a quote. Get started by filling out the information below.
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