Voluntary benefits can provide a host of advantages for both employers and their employees. Here are just a few of the many advantages that voluntary benefits and services can bring to the workplace:
For Employees: Regardless of industry or business size, supplemental benefits are often considered an essential piece of an employee’s overall coverage package. From helping employees feel safe, covered, and confident in their choices to fostering a sound financial future through cost-effective group benefits packages—ultimately—when employees have access to voluntary benefits, they tend to feel more content and secure in their work environment. It’s this added peace of mind that often leads to increased workplace productivity, employee retention, and overall employee appreciation.
For Employers: With so many employees nowadays being willing to pay for coverage options through payroll deductions, voluntary benefits have been deemed particularly advantageous for employers given their low to no-cost price tag. With a comprehensive list of voluntary benefits at your disposal, you can not only provide the best coverage for your employees—filling in any gaps to your existing plans—but you can do so confidently, without breaking the bank. From increased workforce productivity and employee satisfaction to improved talent and retention rates, having voluntary benefits in your benefit arsenal is essential to the success and longevity of your business.
There’s a massive selection of voluntary insurance plans on the market today. From disability and accident insurance to dental, vision, and various “soft” benefits such as gym memberships, food plans, etc., voluntary benefits help fill in the missing gaps to your existing benefits package, allowing for a highly customizable benefits plan that suits your specific business and unique roster of employees.
Contrary to popular belief, voluntary benefits are considered valuable to all industries and business sizes, not just giant corporations and enterprises. And while some coverage plans might require employers to have a minimum number of employees, there are other packages on the market that require no minimum participation. This flexibility gives startups and growing businesses the ability to reap the benefits of a comprehensive benefit plan without having to meet unreasonable prerequisites.
As long as they adhere to federal, state, and local laws and requirements, all qualified employees can sign up for voluntary benefits through their employer. The employer will be in charge of determining the specific terms and eligibility criteria for coverage, such as minimum work hours needed, age requirements, etc.
Voluntary benefits are meant to provide both employees and employers with extensive coverage solutions at very low, discounted group rates. The common misconception that voluntary benefits are expensive to provide, as an employer, is simply not the case, given the fact that employees pay collectively through payroll deductions. This allows employers to provide a wide range of discounted voluntary benefits at little to no direct cost to themselves.
What about employees? Is it worth it for them? Yes, they have choices. Due to the fact that these voluntary benefits plans are purchased at group rates, employees are saving a substantial amount of money going through their employer rather than finding an individual plan that wouldn’t be able to compete with the same discounted group rates.
Yes, nonprofits and other types of charitable organizations can provide voluntary benefits to their employees.
Stop worrying that you are leaving your employees exposed and instead know you are providing sound, insightful, financial wellness that makes your employees feel smarter and safer.