Why Voluntary Benefits Plans Still Matter – Useful and Inexpensive
Today's workers can expect a lot from their company. Over seventy five percent of employees in recent studies said that their benefits were as important to them as their salary. Most companies offer some form of benefits, even if it's only paid leave – something that seventy eight percent of employees in the country enjoy. If you want to give your employees more benefits than what you currently do, voluntary benefits plans may be the best option. Voluntary benefits plans are essentially just benefits packages that employees in your company can enroll in and pay for entirely out of their own salaries, but they do have a place in most companies. While voluntary benefits might not have the same allure to employees as benefits that the company finances, there are still several reasons that voluntary benefits plans do matter.
The main function of voluntary benefits plans lies in their ability to truly complement existing benefits. For example, if your company already offers health insurance but can't afford to add anything else, voluntary benefits plans can allow your employees to purchase long or short term disability insurance or invest in a retirement plan of some form. You can offer your workers extra benefits that they might be interest in without spending a fortune doing so thanks to voluntary benefits plans. Of course, companies that can't afford any benefits can still offer their employees options with voluntary benefits plans. It may not be as attractive as benefits paid for by their employer, but it's still something.
While it may seem like you're offering employees little by offering them voluntary benefits plans, this isn't the case. With voluntary benefits plans you'll be able to provide your employees with benefits that they can use for much less than they would pay if they purchased the benefits on their own. Through group or corporate discounts, you can save your employees a lot of money on features offered through voluntary benefits plans and still not really cost your business much more than the set up fees. And some features in voluntary benefits plans aren't even available to individuals.
For a good idea of how popular voluntary benefits plans actually are, consider the following facts. Out of 2,000 employees in a survey, sixty percent said that voluntary benefits plans were important. Furthermore, sales of insurance products alone through voluntary benefits plans routinely top four billion dollars. While they may not seem like they're a big deal at first, these numbers certainly highlight the importance of voluntary benefits plans in the workplace.
If you're ready to start offering voluntary benefits plans, you'll want a good method of implementing and managing them. Unicorn HRO has software solutions that can help you manage any voluntary benefits plans that you want to add to your offerings. From signing up employees to managing their specifics, using software from Unicorn HRO makes implementing voluntary benefits plans a snap. You may not be able to afford to pay for everything that your employees want, but using voluntary benefits plans give you the chance to provide them with various options they can use.