Business owners looking to provide coverage flexibility and customization for employees should consider voluntary employee benefits. These benefits allow companies to invest in employees affordably, and voluntary benefits offer benefits for business owners, too. Whether companies want to save money or improve business operations, voluntary employee benefits will enhance company culture and employee retention.
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Understanding Voluntary Employee Benefits
Voluntary employee benefits, or employee-paid benefits, are optional benefits that companies can offer employees in addition to the company’s main benefits package. They feature additional coverage for health, finances, and personal life.
Instead of automatically receiving these benefits, employees can volunteer to pay for them. With this level of flexibility, employees can choose the benefits most advantageous to them. They’ll pay partially or fully for voluntary benefits.
Types of Voluntary Employee Benefits
Several types of voluntary employee benefits mean business owners have many coverage options to offer their team. Benefit types include:
- Medical insurance: High-deductible health plans and additional health coverage for critical illness, disability, emergency transportation, and telemedicine perks help employees stay healthy year-round.
- Lifestyle benefits: Discounted gym memberships and legal assistance are top lifestyle benefit inclusions for improving overall wellness.
- Financial benefits: Financial perks help employees track their finances, file taxes, and repay student loans.
- Vision insurance: This coverage gives employees access to more affordable optometric visits, laser eye surgery, and vision solutions.
- Security benefits: Investing in security benefits like life insurance protects employees’ households in the event of their sudden death.
- Dental insurance: Optional dental insurance gives employees extra coverage for treatments policies don’t typically cover, such as crowns or dentures.
- Personal benefits: Other benefits for improving employee morale and productivity include remote work benefits and automotive insurance.
How Do Voluntary Benefits Work?
Employers offer their employees a voluntary employee benefits plan in addition to their main benefits package. Employees select and pay partially or fully for the benefits they want via payroll deductions. They’ll get group policy rates that significantly decrease benefit costs.
Employers save money by offering these optional benefits, and those who choose to use them can get coverage that would be too costly otherwise.
Reasons to Offer Optional Benefits to Employees
Some businesses hesitate to offer additional benefits due to financial concerns. Employers and employees can benefit from these provisions.
Offering voluntary benefits to employees comes with many advantages, including improved productivity and satisfaction and lower turnover rates and healthcare costs for employees.
Increased Employee Productivity
The biggest reason to offer voluntary employee benefits is to increase employee productivity. Employees work harder when they can meet their healthcare needs and have additional security in other insurance offerings. They invest more time and energy into their work and take fewer breaks.
The promise of decreased healthcare and other discounted expenses for employees is a significant perk that many desire. Companies wanting to compete with local businesses may offer voluntary employee benefits to attract new applicants. Voluntary benefits are especially popular among younger generations.
More Employee Satisfaction
Employees want to feel appreciated and receive value in addition to fair compensation for their work. Voluntary benefits are a great way to do this. Business owners can significantly increase employee satisfaction by offering insurance and other perks that improve their financial situation or lifestyle.
Lower Employee Turnover Rate
Companies struggling with employee retention should consider offering benefits. Increased satisfaction and value in their workplace may make current employees less inclined to quit.
Determining Which Benefits to Offer Employees
Determining which benefits to offer depends on the company’s goals and the team’s demands. The process begins with learning about each benefit’s inclusions and what they resolve in the workplace. Having this knowledge ensures that companies select the most valuable perks.
The plan administrator should also have a good understanding of employee demographics. These statistics include age, location, and other factors. Younger employees may want lifestyle benefits, while older employees may prefer life insurance.
Think critically about the business and employees and consider ways to provide more value and reduce costs. The company should offer benefits that make sense, such as providing auto insurance for employees with a lengthy commute.
Learn more about trends in employee benefits and how they can help you retain top talent for your business.
Group Enroll: Group Voluntary Employee Benefits Comparisons
You can significantly improve your business’s processes by offering group voluntary employee benefits. Group Enroll simplifies the process when you need to search for and select voluntary insurance and other perks.
Complete our quote request form. We’ll contact you and discuss your needs regarding employee benefits. We’ll provide you with an extensive list of quotes from top insurance providers in your province and give you the necessary information to choose the right providers and policies.
Group Enroll’s headquarters are at 10 Great Gulf Drive, Unit 5, Vaughan, ON, L4K 0K7. Contact Group Enroll by email at [email protected] and discuss group voluntary employee benefits with our friendly insurance experts today.