Volunteering to Benefit: Something for Everybody
By Tricia Godin, Employee Benefits Advisor
Finding employees is a challenge, and finding the right benefits mix to help with overall benefit satisfaction is another challenge our clients face. A very popular and effective strategy our clients are using involves Voluntary Benefit offerings, to round out coverage offerings and enrich the plans.
Change is all over the voluntary world, with more carriers and more options for employees than ever before. Voluntary benefits provide support for employees’ physical, emotional, and financial wellness.
Employees love having more “choices” in their offerings and often become more engaged when their employer supports overall wellness. In a recent MetLife survey, 40% of employees reported that a wide variety of benefits makes them feel more loyal to their employer, and 55% were willing to bear more of the cost in order to have choices that meet their needs. As a result, productivity and overall engagement with the company often increase.
- Identity Theft Protection
- Legal Service Plans
- Employee Purchase Plans
- Financial Education
- Financial Counseling
Many carriers are now offering convenient packages that bundle benefits to help all spectrums of our diverse workforce. Carriers are also simplifying their offerings, by eliminating waiting periods, loosening pre-existing condition limitations, and offering generous guaranteed issue amounts.
Customization is king when it comes to designing and implementing overall wellness benefits programs. Carriers, agents, and employers are drilling deeper to learn and understand how employees buy voluntary benefits. Some employers are using data analytics to enhance voluntary benefits beyond the traditional “one size fits all” approach, so that they have an advantage in attracting and retaining talent.
Diverse populations of employees are volunteering to benefit. Employers are benefiting as well- paying lower premiums, increasing the overall wellness of their valued team, and helping employees fill any personal gaps that they may have.
Brown & Brown works with companies to find the right offerings to help retain, attract and engage their workforce, and get more out of their benefits. Talk to a local advisor about how you can save money and satisfy your workforce. Visit our website to learn more: www.bbdetroit.com