Voluntary Employee Benefits
In the global competition for talent, small, mid-sized, and even large businesses are offering Voluntary Employee Benefits to try to attract and retain the best people to maintain their competitive advantage.
Employees and their families can get access to popular insurance products that fill the gaps in traditional health insurance plans with Voluntary Employee Benefits endorsed by the employer but paid by employees through a payroll deduction.
Benefits for Employees
- Proof of insurability is typically not required for voluntary insurance products: that means no uncomfortable medical exams or questionnaires.
- Worldwide coverage: whether you’re at home, on a business trip or family vacation, you can count on your Voluntary Benefits for coverage.
- Claim payments are made directly to the employee.
- Group rate discounts: group insurance products are cheaper than individual because insurance companies can spread the risk around.
- Policies may be portable after resignation, dismissal, or retirement: thus, you may not need to worry about losing your insurance if you leave your job – it can come with you or be converted into an individual policy.
All of your immediate family members (including parents and in-laws) can be covered.
Prescriptions: Generic vs. Brand Name
- Providing Voluntary Employee Benefits lets employees know that you care about them and their family’s health and well-being.
- Employers that offer voluntary employee benefits have less employee turnover and higher employee loyalty.
- Helps recruit and motivate staff.
- Costs are paid by employees through a payroll deduction so there is no cost to the employer.
If you’re part of a trade or industry group, you might be able to design an affinity program for a group discount or preferential underwriting terms for Voluntary Employee Benefits products. There are significant savings and benefits to be had here so it behooves you to check if it possible to design one with the board’s approval.
Stay Ahead of Your Competition
In the knowledge economy, highly skilled workers are worth their weight in gold and headhunters make good money poaching employees for your competition. When you have a competitive employees compensation and benefits package, you’ll have peace of mind knowing that the employees you’ve invested in will remain loyal to your organization – even when tempted by a higher pay cheque.