The Benefits of Voluntary Worksite Benefits
Voluntary worksite benefits are one of the best ways to attract and retain high-quality employees in a competitive labor market. These are solutions that help employees in numerous ways, with very little (and in many cases zero) cost to the employer.
There are several types of voluntary worksite benefits than employers can offer, these include:
- Accident insurance
- Cancer insurance
- Critical illness insurance
- Hospital indemnity
- Identity theft insurance
- Legal services
- Pet insurance
- Retail discounts
- Concierge services
These types of programs encourage employees to perform at their best, make them more loyal and reduce turnover rates.
Here are some important reasons for employers to consider adding voluntary worksite benefit programs:
1. Your employees want them
Employees want to have access to the solutions provided by voluntary worksite benefits. They want to have a convenient way to take advantage of these solutions. By making them aware of programs that could help them and providing access to these programs, employees become happier and more satisfied in their jobs.
2. Reduced financial stress for employees
The financial pressure employees are often under gets reduced when an employer implements voluntary worksite benefits. Employees want their companies to care for them. Financial issues are considered to be one of the top non-work related issues which pressurize people. Voluntary benefits give employees access to various financial solutions, which can be a major boost to their morale.
3. Cost effective solutions for the company
Providing voluntary worksite benefits is good for both employees and the company. Clearly, it is in the best interest of both the employee and the organization for employees to be happier, healthier, and more productive. Voluntary benefits help accomplish this at a very minimal cost to employers. In fact, in many cases, the employer is simply making the program available to employees and obtaining a volume discount for them through the provider. This means employees are able to easily access the programs and usually can save money over having to purchase them on their own, even though the employer often does not have to pay anything extra for them.
4. Better coverage during a critical illness
One of the major concerns that employees have these days is all the gaps in their health care coverage. In recent years, premiums have risen substantially, and at the same time, deductibles have gone up as well. This means that employees often have to come up with several thousand dollars to pay the deductible when they develop a critical illness. Critical illness insurance helps defray these costs by providing additional coverage for specific serious conditions; such as heart attack, stroke, and cancer. Critical illness coverage can even help offset nonmedical costs associated with the treatment of a severe condition, such as transportation and child care.
5. Other Benefits
Many other voluntary benefits are becoming important to employees these days. Oftentimes, the benefits most important (to the employees) will depend heavily on the demographic makeup of your workforce. For example, if a large percentage of your employees are millennials, a student loan repayment program might be a very popular benefit. If, on the other hand, your workforce is comprised primarily of Gen Xers and baby boomers, they may prefer programs such as financial counseling and long-term care insurance.
Find Out what Benefits your Employees Want
Voluntary worksite benefits are being adopted by a growing number of organizations, and this trend is expected to continue if the job market remains tight. For individual companies, the best approach is to examine their current workforce to find out what programs are most important to them and take steps to implement them. By offering the programs that are most appealing to your workers, you can maintain a competitive edge and attract the best and brightest in your industry.