The COVID-19 pandemic has drawn attention to some employee needs that were previously ignored by employers. While remote work and paid time off have been talked about a lot, another area that has grown in importance is having a more robust benefits package. Offering voluntary benefits is a great way to give employees a wide range of benefits while staying within a budget. Common voluntary benefits include dental, vision, critical illness, and other insurances that are partially paid for by employees. Here is how offering voluntary benefits can increase your employees’ job satisfaction:
Each employee has their own unique needs, and that doesn’t change when it comes to benefits. In fact, one of the biggest appeals of voluntary benefits is how they allow employees to get access to non-traditional benefits. Employees can choose what benefits work best for their situation and only pay for those. This can also take some pressure off you by letting you offer a wide selection of benefits without the stress of creating too many plans. Also, a study from MetLife showed that the more voluntary benefits were offered, the happier and more loyal employees became.
Care for Family
During the pandemic most of us realized how much we depend on family and how much our family depends on us. Voluntary benefits can give your employees opportunities to get better healthcare for their family members. Critical illness, hospital indemnity, and accident insurance can all offer a great comfort to participants as they add a layer of financial security during stressful times. If employees know they have the means to help their family members if a health crisis occurs, they will be more loyal and productive at work.
Voluntary group benefits are much more cost effective than purchasing insurance through individual providers. This allows your employees to participate in more benefits options at a lower cost, giving them the coverage they need to stay protected. When your employees feel safe, they are more likely to be motivated.
These are just some of the advantages of offering voluntary benefits. If you’d like to learn more about the voluntary benefits that companies who partner with Helpside have access to, contact us at firstname.lastname@example.org.