Voluntary benefits thrive in times of uncertainty

Even for those employers who did not take advantage of making voluntary benefits available off-cycle, we are seeing a significant increase in employers rolling them out to employees in the 4th quarter.

Human resources and benefits professionals spent much of 2020 creating ways to keep their employees employed and engaged during this unprecedented time. 2020 brought a global pandemic, of course, but we also saw natural disasters, an unexpected housing boom and dramatic social change. While these matters created new obstacles in the workplace, employers were given the unique opportunity to meet employees’ needs through a customizable mix of employer-sponsored and voluntary benefits.

For many years, healthcare and other core benefits such as life, disability and dental insurance have been the top focus of the human resource community. While many employers have tested the waters of voluntary benefits in recent years, 2020 brought clear evidence that employees not only need access to diverse benefit options, but they also desire a variety of options that allow for a truly customized benefits package.