Employers want to offer their employees value when it comes to benefits. But let’s face it, there’s not always a lot of wiggle room when it comes to the payroll budget. Fortunately, there’s now a unique offering available for employers that will not only improve employee retention, but will also help attract new hires – and it won’t cost employers a penny more. They are called voluntary benefits, and employees want them.
What are voluntary benefits?
For a long time, health benefits were mostly set in stone. Every employee was given the same package no matter how old they were, what their family situation was, or how they chose to live their lives. Today, things are different.
Voluntary benefits are benefits that employers offer but employees do not have to pay for unless they so choose. They are truly optional or voluntary. If an employee doesn’t need a particular benefit, they can choose to opt out. Voluntary benefits can also act as supplemental benefits that can augment a basic benefit provided by employers, with the effect of enhancing and improving employees lives or protecting them from specific risks.
Some of the voluntary benefits that employees may choose from include:
- Critical illness insurance
- Eldercare coverage
- Life insurance
- Pet insurance
- Home insurance
- Auto insurance
- Identity theft coverage
- Long-term care coverage
- Accidental injury insurance
Do employees want these options?
Yes! That’s why retention goes up when employers offer voluntary benefits. In fact, these days most employees expect that there will be voluntary benefits included in their benefits packages when they sign a new work contract. The more competitive an employer can make their voluntary benefits package, the more attractive the position becomes. And the best part? Employers don’t need to pay anything additional to offer voluntary benefits and they are still being thanked by their employees. That’s because often these benefits are either not available to individuals outside of a group, or not available at these prices. It’s truly a win-win for both employers and employees.
Deciding on which voluntary benefits to offer is a matter of some discussion. In their annual Study of Employee Benefits Trends, MetLife found that employees wanted at least 11 voluntary benefits offered to them. When this was the case, they were more likely to feel their company was a great place to work, and they were more loyal and expressed greater intent to stay on at their current job.
Considering voluntary benefits for your business?
By offering voluntary benefits within their business, employers can provide their employees with an optimal and complete benefits package. As a result, they will improve employee retention and attract the best of the best when it comes to new hires, as attracting quality new talent continues to be exceedingly important for employers.
If you’re considering opting for voluntary benefits and more flexible coverage options for your business or organization, contact your Advisor at your earliest convenience. Don’t have an Advisor? Let us help you find one, just send us an email at email@example.com.