With the talent market becoming increasingly competitive, companies are struggling to discover inventive ways to stand out and appeal to top talent during the recruiting process. The truth is, employees today want more than what employment opportunities have traditionally offered in the past. For this reason, attracting and retaining talented candidates has grown to be much more of a challenge.
Many employers are wondering how they can stand out as they dive into today’s talent pool.
Those who want to stay ahead of the game have chosen to use voluntary employee benefits as an incentive, with profoundly successful results.
Marketing voluntary employee benefits
Employers are discovering that even when they offer the most coveted job positions, complemented with standard hours, perks and benefits, they are still being turned down by recruited applicants. The key reason behind this is because many other companies are going the extra mile to retain candidates by supplementing their benefits packages with voluntary benefits add-ons.
Marketing voluntary benefits gives companies an extra “wow” factor in the eyes of applicants. As a supplement to traditional benefits packages, they can serve to fill in any voids or weak areas of coverage that traditional benefits packages may not have.
Brokers can assist employers who don’t have the bandwidth, or know-how of the process by helping them select voluntary options which will make their benefits packages stand out. By going above and beyond standard medical benefits offerings, employers can gain a strategic advantage and not lose top prospects to their competitors.
Why sell voluntary?
Picture this scenario: You are hunting for a job and two desirable companies have made you incredible offers to work for them. Company A has offered to give you one thousand dollars more than you asked for annually in salary. Company B offers the salary you asked for, with the voluntary benefit, pet insurance, as part of their overall benefits offering.
You have two standard poodles and you know that veterinary visits and medications can get expensive, especially when visits are needed due to unplanned accidents or sickness.
Knowing that these expenses can be swift and costly, would it be in your best interest to have pet insurance?
Which company would you choose?
Naturally, one might opt for the extra security factor, especially considering how much those additional options can help you financially should something happen. Studies show that 62 percent of employees under the age of 50 would not even consider working for a company which won’t elect to offer voluntary benefits. Given how unpredictable life can be, it would be wild not to try and protect yourself as much as possible. This is exactly how individuals applying for open positions are thinking. People want to know that if something should happen, an accident, sudden illness, etc, they will receive assistance. Unlike traditional benefits, the financial compensation is also a bit more flexible. In a sense, people can use it how they choose to.
Employees are not the only ones to gain from voluntary benefits. By offering these add-ons to traditional benefits, employers can attract and retain top candidates, lower costs, and ensure current employees are content. Human capital is the most prized asset a company can acquire, since they run day-to-day operations and ensure the success of an organization.
Investing in your employees’ happiness and making sure your team is engaged is the best investment your employer will ever make.
Offer choices and educate your clients
Benefits brokers can help their clients strategize to improve their benefits programs and gain new footing in the hiring world by supplementing their current offerings with added voluntary benefits options. Offering voluntary benefits in today’s market is the only way to stand a fighting chance and attract the applicants you truly want. It’s also an effective strategy to boost morale of current employees. Studies show that 87% of employees who currently have healthcare and voluntary benefits available to them feel they truly matter to their employer.
Offering voluntary benefits can be done at an extremely low cost both employers and employees. Brokers assisting employers with their voluntary benefit offerings receive commission as well as a result. The benefits are really a win for everyone involved.
You can provide flexibility in terms of coverage that will help supplement areas in which traditional benefits are lacking. For example, Critical Illness Insurance is a popular supplement to a traditional healthcare plan because the coverage offers a lump sum of cash to pay for various expenses while one is critically sick and can’t work.
With a bolstered benefits offering available, applicants will take your company more seriously as they decide their employment future.
Brokers can guide clients to select an array of options, such as:
- Critical illness insurance
- Accident insurance
- Cancer insurance
- Disability insurance
- Hospital indemnity insurance
- Medigap insurance (for the boomers)
- Digital healthcare access
- Affordable care organizations
- High performance networks (HPNs)
- Digital programs:
- Specialty drugs
- Drug rebates and more
- Student loan assistance
Voluntary Benefits Administration Software
Brokers can help their clients select an HCM platform that offers a benefits administration module to securely protect and transfer employee data from a single system. Automated workflows within the Benefits Management process provide greater efficiencies for both HR administrators and employees allowing for greater access and transparency when it comes to Open Enrollment (OE) and the management of benefits.
The InfinityHR automated cloud-based platform offers an all-in-one Benefits Management module that benefits brokers can combine with their sales portfolio to offer to their clients. The module features integration capabilities to the top insurance carriers and more to streamline the transfer of employee selections via Electronic Data Interface (EDI) files. Advanced tools allow administrators to configure customized rules and settings by individual employee, while employees can review, analyze and check plan costs prior to enrolling. They can also access their benefits statements 24/7 if integrated with the Employee Self-Service (Portal) module.
The full InfinityHR Platform
The cloud-based InfinityHR HCM platform utilizes HR automation tools in HR Management, Talent Management and Payroll Processing. With a built-in integration to over 300 partners, it can be scaled to meet requirement changes as they come.
Aside from the InfinityHR Benefits Management module, the full platform offers automated modules in:
- Core HR
- Employee Self-Service (Employee Portal)
- Workflow Management
- EZSign (electronic signature)
- Employee Record Management
- Benefits Management
- ACA Compliance
- Time and Attendance
- Payroll Processing
- Applicant Tracking System
- Performance Management
- Learning Management
- Succession Planning
To learn more about the InfinityHR cloud-based platform and how it can help your business, schedule a demo today.