Remember that every person is unique in their own way. The ambitions and dreams of another might be the bane and nightmares of another. The same goes for their benefits and insurance coverage. When it comes to these, each person will want something different to match their lifestyle and aspirations. This is where voluntary benefits come in.
What Makes Voluntary Benefits so Special?
Most companies have a single set of benefits that applies to everyone. However, these set in stone benefits might not be the right fit for certain employees. Like an out of place puzzle piece, these benefits won’t work for all your employees. Voluntary benefits make sure that you fill the demand for that specific piece of the puzzle.
These can cover anything from dental and vision coverage, disability and cancer insurance, group purchasing plans to many others. Anything that your employees might need is considered a voluntary benefit. An employee can pick anything from what they need and leave the rest.
Why You Should Offer Voluntary Benefits
There are many reasons why you would want to offer voluntary benefits. However, many think that it isn’t worth the time or effort to go through. These types of people simply give all their employees cookie cutter benefits that make employees feel disappointed.
Taking advantage of voluntary benefits can be a great boon to any company. The main reasoning behind this is the fact that having a choice in what type of benefits your employee gets to have makes them more satisfied. Satisfaction and productivity are definitely linked. Having satisfied employees means that you’re improving your production as well.
The best part about voluntary benefits for you as the employer is that you can offer it for very little expense. Your employees will still have to pay for these benefits through payroll deductions using pre-tax dollars.It becomes even cheaper if your company’s insurance vendor already offers it.
Lower Turnover Rates
Thanks to more satisfied employees, you can expect that turnover rates for your company will plummet. Having the choice of what type of benefits to have makes sure that they stay in your company and keep giving their all for your progress. Neglecting an employee’s needs means that they’re going to end up looking for greener pastures where they do have a choice. In addition to losing a good employee, you can end up losing around 60% to a whopping 200% of your employee’s salary. This doesn’t even include non-monetary damage that their departure can cause.
A key employee leaving can deal a heavy blow to morale and might inspire several others to quit in a chain reaction. You’ll also need to train a new employee to fill in the gap that the retiring employee left. This includes investing in their training and having some of the other employees taking time out of their own schedule to correct the newbie.
Whether you’re an employee or an employer, you can expect that voluntary benefits will be able to help your when you need it. We at Colonial Life pioneer innovative solutions and approaches that make life easier for employers, employees and benefits professionals alike. Contact us today for an inquiry or consultation!