IN WITH THE NEW: PROVIDING VOLUNTARY BENEFITS THAT MEET EMPLOYEES’ NEEDS

Spring is in the air! And with springtime just about a month away, it’s time to start planning for Spring cleaning – that out-with-the-old, in-with-the-new activity that gives us a fresh perspective. As an employer, that can mean finding a new benefit solution that resonates with employees because it solves an unmet need.

In her recent BenefitsPro.com article, Laura Kerekes discusses how employers can get strategic about their voluntary benefits. Why are voluntary benefits good for business? Kerekes says:

  • Most significantly, they support employee well-being and satisfaction, which helps attract, engage and retain talent, key considerations for employers today.
  • They are also cost-effective in that employees have access to vendors that offer services at reduced costs due to group underwriting.
  • Voluntary benefits are also generally easier to administer, since employees can often conveniently purchase benefits through payroll deduction and access the benefits directly with the vendor.
  • For the employer, providing non-traditional benefits may be a less expensive alternative to rising health care and other traditional benefit costs.

Results from the recent Employee Benefit Research Institute’s 2015 Health and Voluntary Workplace Benefits Survey confirms that employees value voluntary benefits and feel that it is important for their employers to offer them choices in the benefit plans offered.

Adding new solutions like Purchasing Power can fulfill needs for employees that are unmet with other benefit offerings. The challenge becomes making sure your benefits communications explain those offerings to your employees so they receive the most value from them.

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