Voluntary benefits are benefits you can offer your employees in addition to the basic benefits packages. In this blog, we look at voluntary benefits and the reasons to offer a voluntary benefits program.
What Are Voluntary Benefits?
Employers offer voluntary employee benefits as a supplement to their regular salary. These benefits can be used as an effective tool to attract, recruit, motivate and retain high-quality employees. You can promote these benefits as extra compensation over and above regular salary.
Voluntary benefits typically fall into one of four categories. These include health and wellness, security, personal benefits and financial wellness. Here is a look at some voluntary benefits.
- Life insurance: Life insurance protects employees’ spouses and children from potentially devastating death. It provides financial security, helps to pay off debts, helps to pay living expenses, and helps to pay any medical or final costs.
- Critical illness insurance: Critical illness insurance is a special form of insurance that provides money to policyholders in the event of a catastrophic diagnosis.
- Financial planning services: 401(k) advisors help employers develop and maintain a plan that meets their needs and help participants make important decisions about retirement savings.
- Vision insurance: People of any age or level of eye health can benefit from vision insurance, especially given the amount of screen time we spend.
- Dental insurance: Research shows that poor oral health can be a sign of heart disease, stroke, diabetes, premature births, and osteoporosis.
Why Offer Voluntary Benefits to Employees?
Voluntary benefits can provide win-win solutions for both you and your employees. Here are some of the reasons why businesses offer voluntary benefits:
- Attract top talent: You can compete with other companies and attract top talent by offering employees opt-in benefits that help them meet their personal and professional goals. Providing the option of additional coverage can bridge the gap between insurance coverage and other needs.
- Increase job satisfaction and loyalty: Providing additional benefits, like financial planning services, critical illness insurance and dental insurance, tells employees you care about them. Valued employees are more loyal employees.
- Decrease employees’ time off work: Benefits can reduce employees’ stress, which in turn helps them become more productive and proficient at work. Achieving goals at work makes employees feel like they are valued team members, leading to higher job satisfaction. With higher job satisfaction, employees are more likely to show up day after day.
- Reduce stress and increase productivity: Studies prove time and time again that reducing employee stress enables employees to focus more keenly on their work. Healthy employees are happier and more productive.
- Save money: Besides reducing your recruiting spending, voluntary benefits are often paid partially or entirely by employees who opt-in.
PT Business Solutions – Adding Value with Voluntary Benefits
Contact PT Business Solutions today to review the value of providing voluntary benefits to your employees.