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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.