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Following eight years of job growth, the U.S. unemployment rate hit anearly five-decade low in September, according to a recent U.S.Department of Labor jobs report. While this is good news for theU.S. economy, it suggests there is a smaller pool of active job-seekers and a high demand forworkers.

Related: Power shifts to the job seeker in today's hiringmarket

As a result, companies are facing fierce competition when it comes to winningover new talent. While some companies are raising wages to woo jobcandidates, many companies cannot afford to do so. However,boosting benefits is another effective strategy for not onlywinning new talent, but keeping talent around. In fact, 55 percentof the 2,000 employees surveyed for the 2018 AflacWorkForces Report said they would be at least somewhat likelyto accept a job offer with slightly lower compensation but betterbenefits options. Additionally, more than one-third of employeessaid an improved benefits package would help keep them in theircurrent job.

Of course, every employer situation is different. This articleis for informational purposes only and is not intended as asolicitation.

You have to counsel each employer client separately, andencourage each to seek any relevant accounting and legaladvice.

But, by some estimates, the financial impact of losing anemployee can range from tens of thousands of dollars totwice the employee's annual salary —and the impact isespecially felt in a tight labor market where replacing talentoften takes some time. These numbers may not be surprisingconsidering the costs associated with hiring, onboarding, training,learning and development. Losing experienced workers only amplifiesthe financial drain.

As you counsel clients, discuss the role benefits play inattracting and retaining employees. Employers do not alwaysconsider how major medical benefits and voluntary insurance canfactor in employee retention, thus saving money. Bringing thisconcept to the forefront will likely provide them with a newperspective on maintaining a well-run workforce and, in turn, apositive bottom line.

Voluntary insurance and cost containment

Brokers and agents have an opportunity to remind decision-makersthat one low-cost way to improve a benefits package and boostemployee morale is by adding voluntary insurance options, such asvision and dental as well as accident, critical illness andhospital indemnity insurance.

Because voluntary benefits are paid directly to policyholders,unless otherwise assigned, they can be used to help pay housingcosts, utility bills, car payments, deductibles, and co-payments inthe event of illness or injury. This gives advisors room to explainthat a robust health benefits package can act as a financial safetynet for employees and help relieve some of their financial stress.With 45% of employees stating that they are more likely to buyinsurance if it is recommended by a benefits professional, advisorscan use this opportunity to their advantage, as well. And whenemployees feel prepared for the future, they can focus more ontheir day-to-day responsibilities.

Voluntary insurance goes a long way toward meeting employeeneeds and expectations, and often costs businesses little ornothing to add to their benefits package. Furthermore, by offeringemployees voluntary benefits options, clients can potentiallycontain or save costs through reduced turnover and happieremployees. And when employees' needs and expectations are met, theyare more likely to be satisfied with their jobs, more engaged andmore productive. But most importantly, they are less likely to lookfor a new job.

Read more: 

• Are you prepared for job candidates to ask, “Whyshould I work here?”
• 5 trends to expect in voluntary benefits in2019
• Voluntary benefits: How they've become a must-haveproduct for brokers

Andy Glaub, a 33-year veteran of Aflac, is the senior vice president, directorof sales. He oversees the U.S. Sales team and is responsible forsales strategy, innovation and development in the worksite benefitsmarket.