Voluntary benefits. You’ve probably heard the words before from a broker or agent. They’ve become one of the hottest trends in the benefits world, and it’s not surprising why. Not only do voluntary benefits support employees in non-traditional ways, but they also allow employers to offer a more robust package in a cost-effective way.
“Voluntary benefits aren’t just a hot trend right now. They have become a crucial part of the benefits conversation and for good reason. Every business should consider including them in their benefits package,” said Steve Vermaak, President and CEO of Select Choice Benefits.
What are voluntary benefits?
Voluntary benefits are non-traditional, add-on products that supplement a standard benefits package. Most businesses already offer medical, dental and vision coverage, along with some well-known voluntary benefits like life insurance. But voluntary benefits are on the rise with options that range from financial wellness programs to identity theft protection.
Why are voluntary benefits important?
Voluntary benefits are 100% employee-paid. For both fully insured and self-insured clients, voluntary options are a cost-effective way to fill any coverage gaps and meet employee expectations. In fact, today’s workforce is more likely to choose perks like supplemental benefits over a higher salary. Offering a broader variety of non-traditional benefits attracts the best talent on the market, supports employee satisfaction and helps employees balance work and life.
How do I choose the right voluntary benefits?
With five generations of employees in the workforce today, choosing the right voluntary benefits for your company (and maintaining compliance) can be difficult. The value of voluntary benefits strongly relies on your company’s specific workforce and its needs. Take some time to discover what your employees want most from their benefits package. Send out a survey to discover what your employees are really thinking. These methods will help you build a package to satisfy your current workforce and attract talent in the future.
Another element to consider when building a voluntary benefits package is duplication. Work with your benefits broker or agent to ensure your voluntary benefits are adding to your benefits package rather than duplicating the coverage you already have.
Ultimately, voluntary benefits are a cost-effective way to show your employees you care about them. Are you ready to add voluntary benefits to your company’s strategy? We can help you choose the right benefits, ensure compliance is accurately met and make every step of the process simple. Contact us today to get started.