Voluntary Benefits: An Essential Guide For Employers and Brokers
How Employees, Employers and Benefits Brokers All Win When It Comes to Voluntary Benefits.
The labor demographics heading into 2019 is ever changing. There are more young people employed, and with unemployment at the lowest it has been in some time, the demand to fill positions within businesses is becoming harder to do. Because of these trending issues, employers are looking into ways on how they can attract, attain, and retain top talent for their organization by revamping their overall benefits offerings for employees. This can often include implementing a comprehensive voluntary benefits package.
Employees, employers and benefits brokers all win when it comes to voluntary benefits.
- Voluntary benefits give employees more customization options, so they feel they have the full coverage they need
- Most voluntary benefits can be added to an employer’s benefits program for little to no cost to the company
- These programs are huge in an employer’s ability to attain and retain top talent
- Voluntary benefits offer brokers an additional route of revenue that can be fruitful and long-lasting
To put this all into perspective, group employee health insurance is expected to be about $15,000 per employee in 2019. And with employers typically covering about 70 percent of these costs, you can see why it’s more important than ever for benefits brokers to be able to provide quality options to their clientele that will not only improve the well-being of employees, but also not break the bank for businesses either. After all, aside from the pay, an employer’s benefits program is typically evaluated and scrutinized the most by potential employees deciding whether or not they want to accept a job with them. Some employees will even consider taking a lower paying job if the benefits offered make sense for them.
What Are Voluntary Benefits?
Voluntary benefits—or supplemental benefits—are products offered through an employer but are paid for partially or solely by workers through payroll deductions. An attractive perk of these benefits is that they can offer individual employees group rates that they would be unlikely to find on their own.
They are extremely important for employees who want to fill the voids of coverage where their traditional benefits don’t give them the insurance they need based on varying life circumstances, current situations, and down the road for those who plan ahead.
The U.S. workforce heading into 2019 is everchanging. We have a younger labor pool combined with a tighter market which ultimately requires employers to be always looking out for improvements to their benefits programs. After all, an employer’s benefits program is typically evaluated and scrutinized the most by potential employees deciding if they want to accept […]Read More >