Offering employees everything from auto and home insurance to legal plans or even pet insurance is a growing trend among employers looking to stay competitive. That’s the assertion at a recent presentation at the 2011 Health Care Benefits NY conference, which also listed the most popular group VBs, now and in the future.
There’s one secret to success, according to experts on voluntary benefits. And it has nothing to do with what you’re offering but rather how you’re offering it: Make sure your company sets up a payroll deduction for employees to participate.
That accomplishes two goals. It:
But why are voluntary benefits, such as life insurance, popular additions to benefits packages when employees are paying for these benefits themselves? For one, organizations can get group rates, allowing employees the opportunity to get these benefits cheaper than if they went shopping on their own. Disability insurance and life insurance are voluntary benefits that companies may be offering already. However, companies are now taking a closer look at enriching these packages. Entreprenuer.comexplains that “Not only does offering voluntary benefits cost small employers virtually nothing and help level the benefits playing field with larger companies, it also affords employees access to various types of insurance coverage, typically with looser underwriting requirements and at group rates that are “lower than if they went out and got coverage on their own,” points out Bernard DiFiore, president of BenefitMall, a Texas-based benefits wholesaler”.
How much savings for employees are we talking about? A few business professionals, including DiFiore, John Roberts, President and CEO of Assurant Employee Benefits, and Steven Roper, owner of Roper Insurance & Financial Services, explain that along with the popular disability and life insurance benefits, other voluntary options can provide “bang for the employee buck”. Here’s how:
Voluntary benefits can help keep your employees happy with little to no effect on your budget. If your organization already includes these types of benefits, be sure that they are being highlighted as part of the recruitment strategy. Just because the associated costs ultimately come out of the employee’s pocket doesn’t mean that they aren’t as valued as other benefits. Anyone recruiting in today’s market understands the struggle to attract and retain proper talent. Voluntary or not, you should utilize any perks or benefits your organization provides to set you apart from the competition