Voluntary Products Add Value, Close Gaps in Your Benefits Package
As a business owner, your budget constraints may limit your ability to give your employees everything they might need.
As a business owner, your employees are important to you. While you do your best to provide them with a strong benefits program, your budget constraints limit your ability to give your employees everything they might need in a standard benefits package. That’s why it’s important to find new and creative ways to make the benefits package you do offer more competitive and comprehensive. A smart way to add value, with little to no cost to the employer, is through Voluntary Benefits, which can help bridge the gap between your available resources and your employees’ needs.
In today’s workforce, every employee has different needs based on what they’re going through in their lives at the time. For Millennials planning to buy a house and start a family, voluntary life insurance can be a critical benefit. For Baby Boomers, possibly with a history of serious illness, voluntary disability insurance can help provide peace of mind. For employees working in the field or on the factory floor, voluntary accident insurance can be imperative. In fact, according to the 2015 AFLAC Workforces Report, 88 percent of surveyed employees view voluntary benefits as a critical part of a comprehensive benefits package.
Voluntary benefits can help close the gaps caused by increasing deductibles and coinsurance levels and can help your employees manage out-of-pocket expenses. For example, voluntary accident insurance can help an employee cover costs of hospital visits due to accidental injury. Voluntary term life or voluntary disability insurance can help an employee manage an unexpected death in the family or a serious, debilitating illness or injury. And it’s more affordable than you probably think. According to a recent report by ABC.com, the average American spends $14.40 a week on coffee, but for less than that amount, your employees can purchase voluntary accident insurance, voluntary life insurance, and voluntary disability insurance to round out their insurance needs.
As a company, voluntary benefits can help with your recruitment efforts for new talent, build employee loyalty, and reduce your employee turnover. Plus, it costs you little or nothing to offer. Talk to your professional Pekin Insurance agent today to find out more on how these programs can work for you and for your employees.