What Are Voluntary Benefits & Why Should You Offer Them?
Today’s employees are demanding more from their employers. With benefits remaining a major deciding factor in employee hiring and retention, it makes sense to create a benefits package that’s unique to your employee population.
Voluntary benefits can be a smart way to create value for those employees without a substantial increase in benefits dollars. Paid either completely by the company or partially by employees through payroll deductions, voluntary benefits offer organizations the ability to provide a cost-effective way to remain responsive to the evolving needs of employees.
Examples of Employee-Centered Voluntary Benefits
There are a wide variety of voluntary benefits employers can choose to include in their benefits program. The most valuable aspect of these benefits is that they can be tailored to the unique needs of your specific workforce, and the right combination of offerings can simultaneously meet the demands of a multi-generational employee population. Some popular voluntary benefits include:
- Critical-care insurance
- Life insurance
- Disability insurance
- Long-term care insurance
- Accident insurance
- Pre-paid legal services
- Home and auto insurance
- Pet insurance
Why Work With CBIZ to Add Voluntary Offerings to Your Benefits Plan?
Working alongside your human resources team, we’ll help you create an implementation, education and enrollment strategy vetted through trusted carriers that remains within the scope of your existing benefits program. We can also assist in the production of a robust, actionable employee communication plan to ensure employees understand the voluntary benefit solutions available to them and the value of these added optional offerings.
When incorporated into a comprehensive benefits plan, voluntary employee benefits can increase employee satisfaction due to their convenience and affordability, as well as the freedom of choice they enable your employees to exercise. These benefits can also offer peace of mind to employees due to the additional protection they provide and are increasingly favored by younger generations of employees who prefer to customize their benefits plan to their lifestyle and individual needs.