Five Ways Employers Can Get More Value from Voluntary Benefit Offerings
ATLANTA (September 11, 2015) – Purchasing Power today released its latest white paper that examines the reasons voluntary benefits have gone mainstream in the last few years and outlines how employers can get the most value from the voluntary benefits they offer in the employee benefits package.
The White Paper, “Benefits That Matter: Five Ways Employers Can Get the Most Value from Voluntary Benefits” explores employers’ and employees’ views on voluntary benefits and provides five tips for employers to get the most value out of their voluntary benefits program.
With benefit plans being a key tool in an employer’s recruitment and retention strategies, voluntary benefits are popular because employees can choose products that complement their company-sponsored core benefits and round-out a benefit portfolio that suits their individual needs.
Enhancing employees lives
“Voluntary benefits can enhance employees’ lives, allowing them to acquire products and services they might not otherwise be able to afford, and further their personal improvement and financial well-being,” Elizabeth Halkos, Chief Revenue Officer explains.
Interesting research findings in the white paper include two surveys conducted in June 2015 – one of employees working full-time and the other of employers – that show that they see some things about voluntary benefits differently.
The white paper discusses five ways employers can get the most value from voluntary benefits:
- Offering an array of voluntary benefits in your employee benefits package.
- Leveraging the vital recruitment and retention role that voluntary benefits play.
- Including non-traditional voluntary benefits to guarantee customization.
- Tailoring communications to help employees understand everything that’s available to them to make wise benefit decisions.
- Utilizing data and technology to provide more efficient, effective voluntary benefit programs.
“Once considered just a ‘nice extra,’ today voluntary benefits – both traditional and non-traditional – are considered an essential element in the benefit program most employers use to attract and retain employees,” Halkos concluded.