From cable subscription services to grocery deliveries, the demand for customization has never been higher. However, the need for customization extends beyond everyday consumption and into the workplace. With the ever changing healthcare industry, individuals want the option to tailor their benefit plans to fit their needs — and that’s exactly where voluntary benefits can play an important role.
What Are Voluntary Benefits?
Voluntary benefits are elected insurance products employees can add to their benefit packages. They are typically paid completely or mostly by the employees through payroll deferral and often include: life insurance, vision, dental, disability, cancer and critical illness insurance, and accident insurance. Some employers are also offering non-traditional voluntary benefits such as financial planning, online education, and career development. Voluntary benefits are a great way to add value to employee benefit plans as they can be tailored for each employee’s needs.
How Can Voluntary Benefits Help My Business?
According to a 2015 Aflac Workforces Report, 88% of employees surveyed viewed voluntary benefits as an important part of a benefits package. They are a great way to keep employees happy, engaged, and loyal to the company. Furthermore, offering a comprehensive benefits package that includes voluntary benefits is an excellent way to attract top talent to your business. At the end of the day, when employees love their benefits, they are often more likely to stay with the company and put their best foot forward.
How Much Will Adding Voluntary Benefits Cost My Business?
One of the best things about voluntary benefits is that they are cost-effective. Typically, employer provided voluntary benefits cost employees less than if they were purchased on the individual marketplace. That’s just one of the many reasons why employees want the option to receive these types of benefits in the workplace. For employers, adding voluntary benefits to their benefit packages allows them to be competitive while adding little or no cost to their existing offerings. It’s a win-win for both the employer and the employees.
The bottom line is that employees want voluntary benefits, they don’t typically cost the business anything, and they can help retain employees while recruiting to talent. If you’re interested in adding voluntary benefits to your existing packages, contact us today and we’ll help you get started.