2019 isgoing to see even more growth and refinement of these benefits thatprovide so many options that resonate with employees. (Image:Shutterstock)

There’s no question that voluntary benefits have come of age. Gone arethe days where voluntary benefits are simply a “nice-extra” foremployee benefits. Today’s diverse, multi-generational workforce has such varyingcharacteristics, lifestyles and preferences, that employers nolonger can provide one-size-fits-all benefits even in the voluntaryarena.

The current tight job market has employers vying to recruit and retain top talent. So it’s nosurprise that voluntary benefits are now a mandatory “must-have.” Abroad benefits package sends a good message to employees andpotential recruits. It positions a business as a company thatlistens, cares, and is worth working for.

Related: How will the benefits administration landscapeevolve in 2019?

Voluntary benefits offer employees a variety of specializedbenefits so they can choose the ones they want. And the range ofoptions is impressive—from voluntary benefits that supplement“core” benefits such as health, life and disability insurance, tothe plethora of others that span identity theft protection to petinsurance to employee purchase programs and even student loanrefinancing arrangements and egg harvesting.

So what can we expect in 2019 in the voluntary benefits arena?Here are my predictions on what we’ll see the voluntary benefitsindustry focusing on next year.

1. Addressing student loans

Student loan debt continues to reach recordhighs and it even exceeds credit card debt and auto loan debt. Morethan one-third of employees overall (and 55 percent of millennials)said student loan repayment is a must-have benefit, according to anUnum study.

A few employers – Sotheby’s, Estee Lauder, and others – havestarted offering a monthly contribution toward employees’ repaymentof the principal amount of the student loan debt, up to a maximumdollar amount per year. That’s one way to address the issue. And itresonates with employees who are burdened with student loan debt.According to the American Student Assistance, 86 percent ofemployees would commit to a company for five years if the employerhelped pay back their student loans.

With only 4 percent of employers currently offering employeessome form of assistance to repay student loans, 2019 is going tosee more employers and the industry itself finding ways to offerstudent loan refinancing and repayment benefits.

2. Taking care of the caregivers

Caregivers make up a significant portion of today’s workforce.Today’s multi-generational workforce includes employees who carefor parents, adult children and even grandchildren. Then there’sthe “sandwich generation” that has aging parents as well asdependent children that need their help. These caregivers providesupport on a variety of levels — emotionally, financially and withgeneral caregiving assistance.

Nearly one in four employees is providing financial support forparents or in-laws; and among employees with adult children, 42percent are providing financial support to them, according to thePwC study. The National Business Group on Health says that 75percent of caregivers report having trouble meeting their financialneeds.

Elder care support, childcare, adoption assistance, financialwellness benefits — all are increasingly important to thecaregivers. Next year will see employers being more comprehensivewith benefits that address the comprehensive needs of employees whoserve as caregivers.

3. Facilitating savings

The statistics are staggering — employees are still strugglingpaycheck-to-paycheck. GoBankingRates.com reports that 69 percent ofAmericans don’t have $1,000 or more in savings to use foremergencies; MarketWatch.com (gobankingrates.com); nearly 50percent of Americans owe $25,000 or more in non-mortgage debt(marketwatch.com); and the typical worker has saved $0 forretirement.

It’s time for the industry to help employees start to takecontrol of their financial future by encouraging savings. Look formore financial services benefits in 2019 that offer automatedsavings plans as a voluntary benefit.

4. Encouraging utilization of financial wellness benefits

Financial wellness has been the buzz for a couple of years nowand employers have added a variety of financial wellness andeducation voluntary benefits. But only one-third of employeesutilize the financial wellness benefits their employer offers,according to the 2018 Workplace Benefits Report from Bank ofAmerica Merrill Lynch. The report also showed that employees wantmore personalized and direct guidance than macro-levelprograms.

It’s a simple fact that when financial wellness benefits aren’tused, they don’t work. Adoption and engagement should be our focusnow. In 2019, employers and the industry alike will be searchingfor ways to make these benefits more engaging, personalized andeffective in order to help their employees improve their financialwellness.

5. Communicating year-round

With so many benefit offerings available today, it can bemind-boggling to employees to be aware of them all and tounderstand them. In addition, a recent Unum study showed that 49%of workers say they spend 30 minutes or less reviewing theirbenefits prior to enrollment.

Year-round benefits communications in a multitude ofcommunication methods targeted to each generation and on platformsand devices they pay attention to should be mandatory. Evengamification has become a popular method of communicating. 2019will see employers and the industry re-dedicate itself to benefitscommunications, understanding and engagement.

Five years ago, our voluntary benefits trends includedproclaiming that voluntary benefits “had arrived;” that“non-traditional” benefits were coming on the scene; and thatemployees’ financial stress would lead to more attention tofinancial wellness benefits. Much has happened in the voluntarybenefits arena since then. 2019 is going to see even more growthand refinement of these benefits that provide so many options thatresonate with employees.

Read more: 

• Hot voluntary products andplatforms
• More positive signs for voluntary
• The evolution of voluntary: Finding the bestfit

Elizabeth Halkos is chief operating officerat Purchasing Power.