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How Voluntary and Worksite Benefits Can Help Employee Retention

Attracting and retaining the best employees is likely of the utmost importance to you and your business. There are many ways to show your employees you care. One of the most effective ways is through offering voluntary benefits as part of your health insurance plans.

Voluntary Benefits – Why Should You Offer Them?

Voluntary benefits, also known as worksite benefits, are an effective way to attract and retain the top employees with little to no effect on your bottom-line. These benefits are a great way to fill the void of coverage that traditional benefits don’t cover. What most employees and employers don’t realize is the effect that voluntary benefits offer to both parties.

How Have Your Employee Benefits Changed Since the Start of COVID?

Before Coronavirus swept the world with high unemployment rates, a strain on healthcare resources, and economic strife, employers were thinking creatively about how to not only retain their existing employees but also attract the best employees with benefits. While some states have been more affected by the health concerns surrounding COVID-19, almost all have felt the effects of the economic downturn. How have your employee benefits changed since the start of COVID? Once you identify the changes, how can you begin to prepare your insurance plan for post-pandemic employee benefits to attract and retain the best employees?

How to attract the best employees: Voluntary benefits

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.

The Best Ways to Keep Employees Engaged and Excited About Work

Keeping employees engaged and excited about work can be a difficult task for some employers. There are a few things you can do as a leader within your organization to foster employee happiness. One of the main ways is to offer voluntary benefits. Employees are looking for insurance when they are looking for a company that will serve them, but they also require additional benefits, and other creative approaches to benefits. In the article below, you will see the best ways to keep employees engaged and excited about work, and how important it is to offer more than just health insurance. At SBMA, we have insurance options that include vision, dental, and other voluntary benefits. Check out our plan options here!

How Can Vision and Dental Add Value for Your Employees?

Voluntary benefit plans are an important part of employee insurance opportunities. Among these voluntary benefits, vision and dental insurance are an important part of employees voluntary benefit plans. How can vision and dental plans add value to your employees’ wellbeing? Here are a few ways:

How Worksite Benefits Benefit Everyone

Employees can choose from a number of insurance products to complement their coverage and to help achieve a greater degree of stability. Worksite Benefits (voluntary coverage) plans may be 100% paid for by employees or cost-shared with the employer. Here’s why worksite benefits benefit everyone.

How Employee Benefits Improve Retention

The Affordable Care Act, enacted in 2010, ensured that everyone was able to receive health insurance regardless of if they have pre-existing health conditions or for any other discriminatory reasons. This Act gave employees the ability to leave their employers if the only reason they were staying was insurance reasons. Employees who were stuck in their jobs to receive benefits now had the opportunity to look for opportunities elsewhere.

The Difference Between Group and Voluntary Benefits

There are many options to consider when choosing what coverage you would like to include in your group benefits plan. When considering the purchase of voluntary benefits versus buying group benefits options, you need to understand the advantages and disadvantages of both. Here are a few significant differences that will allow you to make a more informed decision.

What is the Employee Tax Credit?

The Employee Retention Tax Credit was rolled out as part of the CARES (Coronavirus Aid, Relief, and Economic Security) Act. It was enacted to encourage employers to retain employees throughout the Coronavirus pandemic. As our country begins to understand the full scope of COVID-19, this credit could allow employers to keep employees on their payroll and keep their doors open.