With 77% of workers saying the benefits package is an important factor in their decision to accept or reject a job, it’s clear that, even for smaller companies, offering a competitive employee benefits package is a must.
Consider your last job interview. Did you consider the company benefit package as part of your total compensation or did you just expect that you’d be offered that?
The larger price tag that can come with offering some the more conventional benefits, such as health care and life insurance, and even softer benefits such as pet insurance and concierge services, can understandably be a major barrier for a number of companies.
There is always a way around this.
Voluntary benefits – at no cost to you.
Voluntary benefits are benefits that are offered by the employer through the workplace. To suit their budget, employers can choose whether or not they are 100% employee-funded or partially funded by both employee and employer.
Many employers offer them in addition to their core employee benefits package, to enable employees to enhance their coverage where they feel they need it most. Employers who are unable to offer core benefits often offer voluntary benefits to provide their employees financial protection in key areas. Either way, voluntary benefits can provide an employer a competitive advantage when it comes to benefit packages.
81% of employee say they buy voluntary products because of the convenience of purchasing at work.
Right now, voluntary benefits make sense for a lot of reasons:
- They can help fill in the gaps in health care coverage caused by high co-pays and deductibles.
- For a diverse workforce, the element of choice means they can handpick benefits that best suit their lifestyle, needs and budget.
- They pay benefits regardless of any other insurance coverage employees have in place, including policies available through government health care exchanges.
- They let you offer attractive benefits at no or low cost to your company.