Why Your Business Should Offer Voluntary Benefits
In terms of making your total compensation package of benefits highly attractive to top talent, offering Voluntary Benefits is a tremendous boon for employee satisfaction. Three key factors about these “cafeteria-type” plans are:
- Their wide variety of types of insurance and other benefits for employees to choose from,
- Their monthly premiums can be pre-tax for the employee, and
- Employees often perceive benefits to be more valuable than their cost.
Examples of what might be attractive to employees range from the standard kind of dental and vision coverage to more current offerings, such as identity theft protection and telehealth services. The possibilities are almost limitless.
At benefEx, our focus is your company’s specific needs based on your specific employee population. With voluntary benefits, your employees can drive the approach our advisory team takes when creating your customized benefit program.
How to Navigate Voluntary Benefits at Your Company
Post COVID-19, attracting and retaining talent remains a top objective when planning comprehensive benefits packages. Employees have enjoyed the advantages of working from home during this time and are more demanding of work/life balance. Voluntary benefits can help achieve some of that integration. Offering a wide range of benefits, even as a small company, helps to tangibly show employees that their company cares about their well-being. Get connected with us to have your questions answered by industry-leading experts.
As the employer, when a staff member considers leaving the company, a robust, competitive benefits package could work as a retention tool when compared to a new position’s benefit structure.
As an employee’s tenure at the company goes on, their needs for benefits will likely change. At the point when considering resignation, employees will often compare benefits in ways that perhaps they had not compared them before.
The advantages of offering Voluntary Benefits also include the hit on your bottom line. For example, offering a Telehealth program usually reduces the amount of time employees spend out of the office going to routine doctor’s appointments, many of which can now take place virtually.
Voluntary benefits can assist in both attracting and retaining talent and can boost overall employee satisfaction in the workplace.
Create a Voluntary Benefits Plan Employees Want
At benefEx, we are eager to be of service to you, sharing what we know as industry leaders with decades of experience in the insurance business. Reach out to our team anytime to discuss any insurance coverage questions you have.