As an employer, you’re most likely considering offering your employees a comprehensive benefits package. With the implementation of the new healthcare reform in 2014, more employers are trying to find ways to help keep their employees happy by providing additional healthcare coverage.
Here’s a list of the top 5 reasons you should start providing a voluntary benefits package to your employees today.
It is possible to increase coverage without increasing your cost.
It’s important to remember that voluntary benefits packages are 100 percent employee paid. And, most employees don’t mind paying for their own benefits and they find it easier to sign up for a benefits package through their employer rather than shopping around on their own. Another interesting thing to note, is that younger generations have a strong interest in shopping for coverage through a voluntary benefits package offered by their employer.
Voluntary benefits provide more options and flexibility, so your employees can customize their benefits to meet their needs.
Being able to offer this as an option, will make you a more desirable employer to work for. Why? Because instead of offering a “one-size-fits-all” plan for your employees, you’re giving them the power to choose the coverage that’s best for them.
One-on-one communication with your employees will make sure they are making an educated decision.
Not only will this help educate your employees, but this will also help them to appreciate their benefits package a whole lot more. Studies have shown that most people don’t understand their benefits plan; therefore, they don’t always see the value in their package. Voluntary benefits companies assign a one-on-one benefits counselor that will help your employees get all set up, so you can focus your energy on more focused messages, such as compensation plans, etc.
You will help build a healthier and more productive workforce.
It’s true. Studies have shown that when there are health and financial worries coupled with little to no help or security that people become less productive due to stress or depression, and develop health issue as a result. If they know that they have something to fall back on in case of an unexpected life event or other difficult circumstances, they will feel more secure. Consequently, you’ll have a workforce that gets the job done. It’s a win-win for everyone involved.
You will give your company a more competitive-edge if you offer a voluntary benefits package to your prospective employees.
You got the right person for that one position in your company, but how do you keep them there? Studies show that the less employers offer to their employees, the likelihood of them staying on with you is quite low. Everyone loses when there’s a high turnover rate. It takes time, money, and resources to hire and train over and over again. It’s not just about getting the right people in the door, it’s about retaining them.