Creating Voluntary Benefits Programs for Your Clients
Updated: Feb 10, 2022
While many of us may be bundling up to protect ourselves against the winter elements, there are another bundling employers, and benefits brokers need to consider — bundling voluntary benefits to help meet the changing needs of employees and clients.
New light shed on benefit pairing.
The combination of the COVID-19 pandemic and the ongoing effects of the Great Resignation has left many employers scrambling to figure out how to attract and retain talented employees. In October 2021, 4.2 million U.S. workers left their jobs, continuing a trend that began in early 2020 and has not slowed down.
A survey sponsored by Prudential shows that almost half (46%) of employees strongly consider or actively search for new opportunities. For millennials, that number jumps to 60%. About half of these workers say pay is a top driver; however, benefits are equally important, making creating and offering a customizable benefits portfolio necessary.
Pairing complementary voluntary benefits can help employers achieve the objective of attracting and retaining talented employees without dramatically increasing costs.
As generational shifts in the workforce change the face of companies’ employee bases, interest in specific benefits may wane, while interest in other benefits may increase.
For example, a worker in the Baby Boomer or Gen X generation might focus on benefits like cancer plans, critical illness coverage, life insurance, and long-term care. Meanwhile, a Millennial might prefer benefits such as accident plans, hospital indemnity, and short or long-term disability insurance.
Voluntary benefits allow employees to choose the benefits that mean the most to them.
Creating complementary voluntary benefits packages that are customizable and easy to obtain can build employee loyalty while holistically supporting each employee in the way that makes the most sense for them.
Pairing benefits make this objective even simpler to attain, and by doing so, you can dramatically increase employee value (perceived and actual) without significantly increasing your expenses.
Think about how benefits work together when pairing them. Cancer plans and critical illness coverage closely align and complement each other. So do hospital indemnity, disability, and accident plans. Life insurance and long-term care can also be effectively bundled to amplify the value to the employee.
Want to take the guesswork and stress out of creating and managing attractive voluntary benefits packages?
Offering the right voluntary benefits is easy when you partner with the experts at The Voluntary Benefit Shop. Our team will work with you and recommend ways to introduce or improve your voluntary benefits offerings. We also offer enrollment solutions and amazing year-round support. Contact us to learn more about how we can serve you.