From the employees' perspective, voluntary benefits can be very affordable, costing far less than similar coverage purchased on the individual market.
Today's workforce is focused on benefits like never before. In times of uncertainty—particularly around health—employees want to know more about their benefits. What coverage do they have (and what don't they), what's covered (and what isn't)? And now, many are realizing they wish they had more, or different, coverage for themselves and their families.
Every employee has a different expectation about what constitutes a "good" benefits package; and that expectation is typically shaped by their age, lifestyle and specific health needs. So how can an employer offer a package that meets the varying needs of their entire workforce, without straining or breaking their compensation and benefits budget?
Revisit the basics
In today's workforce, dental, vision and disability coverage are "table stakes"—an employer that doesn't offer them will likely face real challenges in recruiting and retaining top employees. Don't ignore these essentials—these, plus health insurance, should form the foundation of your benefits package. Remember, these coverages can be offered as part of the employer-sponsored package, or on a strictly voluntary (employee pay all) basis.
Expand voluntary offerings
Although 79 percent of companies offer some type of voluntary benefits, it's important to make sure those programs are meeting current needs. Right now, employees are showing particular interest in critical illness insurance, hospital indemnity insurance and either basic or buy-up disability and life insurance offerings. While proof of good health may be required, employees may feel better that they have this extra level of protection for the future, even if they cannot access such benefits immediately.
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