As employers reconsider the role benefits play in their total rewards strategy and respond to a shift in workforce needs, 92 percent of those surveyed expect that voluntary benefits and services will be at the forefront of their strategic thinking and important to their employee value proposition over the next three to five years, according to the 2016 Willis Towers Watson Voluntary Benefits and Services Survey.
With a more diverse workforce and several generations working side by side, employees each have their own expectation about benefits from their employer. Voluntary benefits allow for much of this customized approach. So how do you differentiate your employee benefits package? Non-traditional voluntary benefits are gaining momentum as a necessity for employees who want to supplement their financial safety net and enhance their personal lives.
According to a recent LifeWorks survey, financially unwell employees are costing the average U.S. corporation a staggering $7,000 per employee each year. Thus, non-traditional voluntary benefits that help employers address the financial wellness of their workforce and combat a growing productivity problem at the same time are a “must” for the benefits package.
You can differentiate your benefit package and relieve employees’ financial stress when you add Purchasing Power to your benefit offerings. Our employee purchase program provides workers with a responsible, convenient way to access the products and services they need through the ease of payroll deduction, regardless of credit history. In addition, our financial wellness platform provides financial education programs that help employees change behaviors.