by Mary Fritsch-Derrick | January 9, 2018 | Business Legal & Employee Benefits Consultant
In today’s labor market, hiring top talent is a challenge, especially on a limited budget. How do you attract them? Once you get them, how do you keep them? According to Glassdoor’s 2015 Employment Confidence Survey, benefits and perks are a major factor when candidates consider a job offer. The survey also found that 4 out of 5 employees would choose additional benefits over a pay raise.
Voluntary benefits programs, also referred to as employee-paid benefits or supplemental benefits, are optional or “voluntary”. The employees have the option to purchase, often as a payroll deduction. Identity theft protection and legal insurance are voluntary benefits that are gaining popularity.
Voluntary benefits offer advantages to both employers and employees.
Voluntary Benefits Are Good for Employers
Cost-effective: Voluntary benefits can be offered to employees at little or no cost to employers, allowing companies to offer a wider range of benefits.
Broad appeal to a diverse workforce: Voluntary benefits can help meet the varied needs of employees of all ages and in all stages of their careers.
Bridging benefit gaps attracts top talent: As smaller companies complete for talent, voluntary programs can help level the playing field.
“Well-being” benefits: The new generation of employees wants benefits that support their financial and personal well-being.
Simple administration: Voluntary benefits have simplified program management. Administrative tasks and requirements can be managed through online accounts. Program presentation and enrollment is offered through client services and ongoing customer support.
Less absenteeism: When employees have easy access to these services, they spend less time managing issues on their own, and more time focused on their jobs.
Voluntary Benefit Are Good for Employees
Lower costs: Services are offered to employees at a lower cost when accessed through voluntary benefit programs rather than through open-market retail channels
Flexibility and Customization: Employees can select the individual voluntary benefits they want and will use, rather than accepting a one-size-fits-all package that includes coverage in which they may not be interested. Some voluntary benefits are portable and an employee can keep the coverage when they change jobs.
Security: Voluntary benefits can provide services that enhance or support employees’ security. Identity theft benefits, for example, can help employees and their families keep their identities more secure. And, benefits such as legal insurance can help increase employees’ sense of security, knowing they have valuable, expert legal help available for writing their wills and addressing day-to-day legal issues.
Convenience and accessibility: Voluntary benefit costs can usually be deducted as a payroll deduction. Group benefits have a rate advantage, and services that may normally be out of economic reach, such as hiring an attorney, become affordable and easily accessible.
Learn More About Voluntary Benefits
Adding voluntary benefits to your company’s benefits package may be the leverage you need. Support your employees’ well-being and empower them to better manage unexpected events while helping your bottom line. To learn more about how legal benefits and identity theft protection can help your company attract and retain quality employees, please call Your B2B Team at 1-805-551-8083 or complete the contact form at www.yourb2bteam.com for a free consultation.