Voluntary Benefits are a Win-Win
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Employees seek jobs that offer good pay, benefits, experience and more. So how can you make sure your organization is getting and retaining the most talented employees? Begin with offering a comprehensive benefits package. This serves as an effective strategy to attract and retain the best employees.
However, due to rising healthcare costs, employers are rethinking the way their benefit packages are structured. Some employers are choosing to offer more voluntary products. Voluntary products can be a win-win for employers and employees. Employees will be better protected against the risks they face, and employers will enhance their benefit offerings with little added costs.
Voluntary benefits largely fall into two categories: medical protection or financial protection. In addition to complementing health insurance coverage with dental and vision, the financial health of employees can be improved by addressing the coverage gap for key protection needs, including life, disability and long-term care insurance.
While the need for medical protection is easily understood, many people lack awareness and education about the need for financial protection. According to a recent survey conducted by Bankrate.com, most Americans are a paycheck away from living on the streets, and about 63 percent can’t afford a $500 emergency.
When these products are offered through the employer, there’s an opportunity to educate employees about good financial management practices. In turn, creating a sense of urgency in employees to address these risks in a defined and specific timeline.
Offering financial protection products can boost employee morale, engagement and productivity in the workplace. When people have less stress about their personal financial situation, they’re able to focus more on their position.
A member of our ‘A’ Team is here for all of your employee benefit questions. Contact us for more information.
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