A few voluntary benefit questions to assist employers with the best-suited benefit package
Recommending a competitive benefit package can be quite challenging when laws are changing, rising costs occur, and there is a gradual increase in diverse workers in the workplace. Many employees are looking into voluntary benefits as a means to meet these objectives, but which benefit should they recommend?
Assessing the possibilities
Selecting voluntary benefits can be challenging and time consuming, but these three questions should help with the decision making process:
- Which demographics are you specifically targeting in the workplace?
Today, baby boomers are the leading segment in the workplace. Voluntary benefits and service submissions are directed toward this segment. But, as baby boomers are starting to retire in the next decade, voluntary benefits will be redesigned for younger generations. Demographics such as age, education, geographical location, martial status, and income should be closely examined through the entire workforce when deciding which benefits to add.
- 2. Do the benefits fit the bulk of the population?
While seeking established benefits, more than 80 percent of businesses have implemented voluntary benefits to enhance their existing benefit plans. Voluntary benefits is something that employers consider when contemplating how to manage rising health care prices.
- 3. How can new benefit structures blend with existing compensation packages and wellness tactics?
Voluntary benefits are an option to help assist larger corporate companies with plans and wellness tactics. Employers are attracted to programs that not only affect their ability to draw and retain high quality employees, but also increase commitment and encourage overall production. Voluntary benefits are advancing past plans that encourage physical health to offerings that also urge emotional and financial health.
When an enterprise finds the right benefit packages, it’s time to find the right partner
It is important for employers to choose a provider who offers a strong product and can apply and oversee the program that has the least impact on their company.
Companies should contemplate the following when determining whom to partner with for a benefit:
- How multidimensional is the product?
- What service opportunities are offered?
- How expansive is the coverage?
- Is it reasonable for workers?
- What alternatives are made accessible for non-covered matters?
- Are all employees suitable for coverage?
These questions will help employers identify if the benefit is right for their existing and future employees.