Are Voluntary Benefits Plans Right for Your Business? – Some Considerations
In today's marketplace employee benefits are valued almost as much as a decent salary. In fact, over half of all currently employed workers who are seeking employment elsewhere listed their reason for doing so as a 'lack or loss of benefits at their current job'. But with businesses feeling the pinch of the economy themselves, providing great benefits to your employees may be something your budget simply won't allow. Voluntary benefits plans offer a great middle ground in this scenario. With voluntary benefits plans you can still offer your employees benefit options without decimating your operating budget. While not as attractive as some other benefits, voluntary benefits plans may be the best that you can do, and can still be a good way to boost employee satisfaction. Here are some things to consider about voluntary benefits plans.
First of all, let's look at the basics of voluntary benefits plans and just what they are. Basically, voluntary benefits plans are completely optional employee benefits offered through your company that your employees can elect to sign up for. All of the costs associated with voluntary benefits plans will be deducted from your employee's paycheck. For example, offering life insurance through voluntary benefits plans will mean that any employee who signs up will pay all of the premium payments themselves, with no additional financial help from your company.
While it may seem as though you're offering employees something that they could get on their own when you offer voluntary benefits plans, this isn't actually the case. In most instances your workers will get lower costs for their voluntary benefits plans due to corporate or group rate discounts. They'll also be able to benefit from ease of set up, since you'll be providing them with a great option through voluntary benefits plans they won't have to search for weeks to find the right plans for them. You'll still be giving your employees real advantages with voluntary benefits plans, but for much less money.
Companies that already offer a variety of benefits to their workers are also using voluntary benefits plans to supplement their current programs. Whether it's the addition of extra disability coverage or more retirement options, voluntary benefits plans can offer extra benefits that employees want. And new types of voluntary benefits plans are being offered all the time. One new type of voluntary benefits plans are group legal assistance plans, where a flat fee contributes to the ability of your employees to gain legal help when needed. There are a variety of plans out there that can really make your employees happy.
While voluntary benefits plans are great additions to your company, implementing and managing voluntary benefits plans can be tricky. Unicorn HRO can assist you with managing all aspects of your voluntary benefits plans, from initial creation through regular management. If you're looking for a way to give your employees a bit more from their job but can't afford to spend thousands in the process, take a look at what voluntary benefits plans can do for your company. You may be pleasantly surprised by what you find.