Benefits are critical in attracting and retaining quality employees yet most employers cannot afford to provide their employees with all of the benefits that employees need AND want. Prolviding access to employee-paid personal insurance products (aka "voluntary benefits") at your workplace makes sense and will allow you to expand your benefit package at no direct cost to your bottom line.
In a recent article in Employee Benefit Adviser Magazine titled "The Value of Voluntary Benefits" stated:
- Over 85% of employers offer voluntary benefits to their employees and another 5% are considering adding so in 2010
- The top fives rasons are:
- Access to more benefits supporting employee choice and flexibility
- filling gaps in employer-sponsored plans
- Helping employees get better prices at group rates
- Aiding in recruitment and retention
- Increasins or maintaining morale, loyalty and productivity
Bottom line: studies show that 81% of employees feel that voluntary benefits are important and that employee satisfaction increases 35-55% when they are offered voluntary benefits.
Most importantly, is the need for disability and life insurance – for which most employers don’t fund due to the rising cost of healthcare.
In addition to disability programs - life, accident, cancer, critical illness and medical bridge plans help to add benefits without cost that pay cash to the employees to pay for out of pocket expenses such as co-payments, deductibles, time off work, etc.
Unique to Colonial Life is their new "limited benefit medical plan" (also known as a "mini-med" plan) called Colonial Health Advantage. This plan will help employees who cannot afford healthcare to provide an affordable "first dollar coverage" option. As the face of healthcare changes, rely on Colonial and the Whitfield team to help provide a customized voluntary benefit program to employers in Puget Sound.
Stay competitive in the marketplace – voluntary benefits, when executed correctly, can be overwhelmingly appreciated at the workplace…all at no direct cost to the employer. In addition, they can make a huge difference in people’s lives.
