As an experienced HR Professional, I know good employees are your company’s heart and soul. That makes hiring and retaining them vital for our clients, yet historically one of their biggest challenges. This and the upcoming discussions will be a series of short articles designed to educate our client companies on creative new trends that are helping employers engage and hire the right employees, and most importantly, keep them.
In kicking off this series, this article, and others to follow, focuses on establishing an environment within your company that is conducive to success for both you and your employees. How do you create that win/win culture? As an employer, you have the ability to contribute greatly to your employee’s happiness. National surveys have consistently shown a happy employee is a productive employee. Among employees recently surveyed by Aflac, as many as 96% believe that their employer can indeed improve their happiness. Benefits tops the list as one way an employer can do that.
Benefits have always been one of an employer’s best tool for attracting and retaining employees. However, Willis Towers Watson and other experts agree the rising cost of traditional benefits have made it difficult for employers to continue to offer or fully cover the cost of them. As a result, employees are now dealing with large deductibles and soaring premiums on top of already rising healthcare costs. One way to offset this financial burden on employees is through Voluntary Benefits. An employer who offers Group Voluntary Benefits is able to enhance their benefit offering with little or no cost and minimal effort. Plus, they go a long way in filling in the gaps in coverage caused by changes they have had to make due to healthcare reform and the rising costs of benefits overall.
What are Group Voluntary Benefits?
Voluntary Benefits are sometimes referred to as ancillary or worksite benefits. They are additional insurance products, plans or programs which an employee can purchase through their employer, through pre-taxed payroll deductions, and at a discounted group rate, to supplement their employer-paid benefits.