Voluntary Benefits Attract the Best Employees

Voluntary Benefits Aid in Attracting the Best Employees

Including options for voluntary benefits and supplemental benefits is quickly becoming the norm for most employers who offer health insurance to their employees. As an employer, attracting the best talent and keeping them is of the utmost importance to maintaining a successful business. Over the last few years, there has been an increase in demand for voluntary benefits. While major medical coverage is the foundation of a good employee benefits program, it’s important to ask the question: how can I use these voluntary benefits to make my company more attractive to new prospects?

Most employers view voluntary benefits as a way to provide a choice to their employees, to offer options for their diverse workforce, and to ensure that their employees are happier and healthier. Employees need solutions that they can cater to their specific lifestyle. 

Some voluntary benefit options include hospital confinement, accident, critical illness, disability, cancer, legal services, identity theft protection, and commuter benefits. Some employees will enroll in every type of coverage available. 

This shift in regard to voluntary benefits could be attributed to employers wanting to offer holistic coverage that supports their benefits strategy. Employers can align their benefits with their overall company offerings and values. 

With multiple generations involved in their workforce today, an employer must offer benefits that would cater to each of their needs. Those who are older might consider traditional benefits packages to be sufficient, but younger generations might prefer voluntary options. 

Enrollment portals allow employers to offer both core benefits and voluntary benefits in one place. This gives employees the flexibility of changing their plans whenever they need to and educate employees on how to choose the benefits that align with their needs. 

Not only do these benefits allow your company to attract and retain talent that will benefit your company in the long run. For more information on how you can offer the best, affordable benefits to your employees, contact us.

What Benefits Improve Employee Retention?

Offering employees the benefits they want and need is one of the best ways to retain talent and improve your employees’ satisfaction. There is a large portion of employees who view benefits as an essential factor in their satisfaction with their job and company. So, what employee benefits can you implement that will differentiate you from your competitors? Here are a few options:

Retirement benefits: 401(k) and defined-benefit plans are becoming more important in retaining talent. The incoming workforce of younger employees views retirement benefits as an important factor in deciding whether or not to take their job. Glassdoor found that as companies increase their retirement benefit programs by 1 star, the employees experience a .08 star increase in satisfaction.

Wage increases: Increases in wages can increase employee satisfaction. Some companies choose to forego traditional group benefits and raise employee wages instead. While this seems like an excellent solution to improving employee satisfaction, if you decide to forego any benefits program, it might cause employees to look elsewhere. Employers expect the additional wages to be spent on benefits, but employees may not spend that money to account for a benefits program. Employees typically do not see wage increases as a replacement for benefits. 

Transportation benefits: Commuting can be a hassle for many employees across the U.S. Employees may dislike it so much that they decide to look elsewhere for a job closer to their home. Transportation benefits may mitigate this hassle and help employees justify a commute. Companies that offer a supplement for transportation cost are viewed as better places to work. Not many employees provide these benefits so that it could differentiate you from the rest.

Bring your device programs: These programs employees can use their own devices for work-related purposes. Companies can also offer to reimburse employees for any costs that incur with their devices. While this is seen as a benefit to its employees, it also can reduce the costs of buying devices for your workforce. The satisfaction increases when companies offer to reimburse employees for their expenses, like their phone bill.

Traditional Group Health Insurance: This is the most valued benefit program for employees. Employees increasingly desire healthcare benefits that are customized to their needs. Offering different options depending on the lifestyle each employee lives can increase employee satisfaction significantly. 

Education Benefits: Educational assistance from companies gives employees a greater feeling of importance. More and more employees desire additional education benefits. These benefits could be in the form of tuition reimbursement or paid job training. With these types of benefits, employers must ensure that they are offering robust education options to ensure their employee’s happiness.

Employee benefits can allow employees to feel cared for and important within their company, which leads to higher company satisfaction. For more information on how to offer the best, most affordable options for your employees, contact us

Group Benefits Improve Employee Experience

Navigating Group Benefits Helps to Improve Your Employees Experience

Information about group benefits is often convoluted and can be difficult to navigate. Employees do not always want to read through their benefits package or read through the long emails associated with benefits communication. Clear communication as to what benefits employees are receiving and how they can maximize the use of their benefits will increase employee satisfaction. How can you communicate employee’s group benefits more clearly to improve your employee experience?

First, write simply. Stay away from technical jargon to inform your employees of their benefits. Most people do not care about the technical aspects of their benefit plans, they just want to know what it can do for them. In order to communicate clearly and effectively, you must use familiar language for all audiences. 

An aspect of putting benefit jargon simply is using real-world examples to explain how the benefits will improve their lives. Give tangible real examples of how these benefits have improved others’ lives so they can put themselves into that example. People innately respond to stories. Ensure that they are relatable so they can really envision themselves in the example. 

Putting a personalized touch to your communication will also create a more emotional connection to what you are communicating. You should segment your communication based on who you are talking to. Small tweaks to your message and communication methods could drastically improve your employee’s ability to better understand their benefits. 

Employees are not incredibly invested in learning about health insurance. But learning about them and understanding them will likely help them navigate using them when they need to. Framing understanding benefits as a way to save money in the future is a good way for employees to want to learn more. 

At SBMA we offer an online portal for easy navigation of benefits, so employees can understand and utilize their benefits to the best of their ability. Portals like these make benefit communication simple. Not only will employees be able to navigate things on their own, but your HR department will save time not constantly dealing with navigating employee benefits.

Employee Retention and Benefits

How to Increase Your Employee Retention Through Benefits and Incentives

Employee retention and company attraction stem from making your employees feel valued and appreciated at work — praising employees makes them feel as though their work is important. One way to do this is to provide benefits and incentives that are competitive. Not all benefits have to have a monetary effect on your company. Here are a few creative ways to offer good benefits and incentives to improve employee satisfaction. 

It is extremely important to make your employees feel empowered to work independently. Most employees do not respond well to being micro-managed and are typically more productive when they aren’t. Allow your employees to collaborate on their schedule and choose to work when they are most productive. For hourly employees, give them the ability to offer their availability and communicate when they prefer to work so they can be most productive.

Giving your employees the ability to be independent at work simply allows them to freely collaborate on projects and tasks. Once you have done this, give them the space to succeed and show your trust in their work.

Provide healthcare options that meet their needs. Offering diverse options for your diverse workforce. Options like telehealth services, dental, vision, accident, and life insurance give your employees more expansive offerings. 

Another way to improve your employees’ satisfaction is to provide educational and developmental opportunities.  Not only will these benefits improve your employees’ resumé, but offering educational benefits will give them more skills to further grow within your company. Most employees want to be able to develop further within their companies, so as an employer can be your duty to provide those opportunities for them.

Lastly, employers can offer bonuses based on performance to make employees feel appreciated for their hard work. These don’t always have to be a monetary bonus — you can also offer extended vacation time or other ways to show you appreciate their hard work. 

Benefits and incentives are some of the best ways to show your appreciation for your employees. Offering competitive benefits and showing employees you care will increase employee morale and satisfaction within your company. Contact us for more information on benefits for your employees.

Navigating Individual and Voluntary Benefits

How to Understand the Differences Between Voluntary and Individual Benefits

Navigating the similarities and differences between individual and voluntary benefits can seem challenging. Which ones do your employees want? What can employees get from individual benefits that they can’t from voluntary? How can benefits attract and retain great talent? Here is a list of the major similarities and differences between the two to help you navigate what benefits you want to provide.

Some similarities include:

  • Customizable options: Both benefit options have multiple coverage options available. These customizations give people the ability to change their options to cater to their needs, their family size, and their budget.
  • Dependent coverage: You have the ability to add eligible dependents, like your spouse and children, for an additional charge.
  • There are various areas that are covered: Both types of insurance cover dental, vision, disability, and life insurance.

Some differences include:

  • Voluntary benefits are sponsored by your employer: Voluntary benefits are only offered through employer-sponsored healthcare plans. Those who are not employed do not have access to voluntary benefit options. The employer also chooses what options are offered and what the coverage levels are. As an employer, this can be a great way to differentiate your company.
  • Individual insurance is completely paid for by an employee: Some business owners pass the cost of voluntary benefits on to their employees, though it is not required. Some employers will also cover a portion of voluntary benefit elections for their employees. With individual coverage, the employees take the entire cost.

At SBMA, we understand how important your employees are to your organization. Offer your employees the most options for coverage. When you offer your employees more options when it comes to benefits, they will likely have higher engagement levels as they feel you care for their wellbeing. Contact us to learn more about the voluntary benefits you can offer your employees.

Voluntary Benefits and Your Employees

How Can Voluntary Benefits Help You Attract and Retain Employees?

Benefit programs are essential to keeping your employees engaged and happy at work— but not just standard benefit programs. You also need to be providing voluntary benefits. Voluntary benefits allow employees to feel cared for and important in your organization. Here are a few ways voluntary benefits might benefit your business:

  • They enhance your existing benefits: Offering voluntary benefits help your employee protect what matters to them the most. For example, cancer insurance, critical illness insurance, and life insurance all contribute to employees feeling safe and secure in their health.
  • Support your employee’s financial well-being: Voluntary benefits are paid directly to employees. Your employees can use cash benefits for any reason, like deductibles, coinsurance, and non-covered treatments.
  • It helps attract and retain employees: The best talent looks for organizations that offer great employee benefits. Not only do benefits attract talent, they help retain it, which helps avoid onboarding costs, reduces training costs, and gain a more skilled workforce.
  • Appealing to multiple generations: Offering voluntary benefits allow you to tailor your benefits programs to fit the needs of your specific workforce.
  • Reduces both 401(k) and 403(b) loans and withdrawals: Because voluntary benefits are paid directly to employees, your employees can use this cash for unexpected medical bills that might result in withdrawals otherwise.
  • Engage, motivate, and encourage productivity within your workforce: When employees feel satisfied with their benefits, they are more likely to bring enthusiasm to their work.
  • The company receives cost-savings benefits: Employers can choose to pay all, none, or some of the premiums. Voluntary benefits are typically affordable for both the employee and the employers.

At SBMA, we understand how important your employees are to your company. Contact us to learn more about how voluntary benefits can help your business.

Voluntary benefits