Looking for ways to attract the best employees in a market where thousands of employees have been laid off? Offering voluntary benefits adds a level of insurance coverage that many workers have not previously had access to. Benefits beyond the traditional 401(k) and health insurance are vital to attracting the right talent for your business.
What exactly are voluntary benefits?
Voluntary benefit plans are offered through the employer, but are paid, either partially or solely, by the employees. These benefits are typically paid through payroll deductions. Some of these plans offer group rates that employees cannot typically get on their own.
Why do employees look for employers who offer voluntary benefits?
- It gives employees the choice: Allowing employees to choose the voluntary benefits they need gives your employees higher satisfaction and engagement with your business.
- It meets the needs of various types of employees: Voluntary benefits cater to various generational, cultural, and economic differences among employees. It can be a challenge to meet the needs of a diverse workforce with a benefits plan that has only one option.
- It ensures employees are financially stable: Voluntary benefit plans can protect employees financial wellbeing, and give them a sense of security in case something goes wrong. This makes them better, more engaged employees.
Not only do voluntary benefits help your existing employees, but also your future employees. When you offer competitive voluntary benefit packages to your workforce, great talent will be more likely to join your team.
At SBMA, our benefit plan offers voluntary benefits that most employees will need. Your employees are the backbone of your business, so treat them right! Our plans can be modified to include dental, vision, life, hospital indemnity, accident, and critical illness coverage. Contact us today to see how voluntary benefits packages can improve your company’s ability to attract and retain the best employees.