As companies look for new ways to support the financial, physical, and emotional wellbeing of their people, voluntary benefits have become a standard part of the benefits package.
When was the last time you revisited your voluntary benefits strategy?
With rising health benefit costs and tightening HR budgets, an effective voluntary benefits strategy allows you to enhance your total rewards package and allows employees to personalize their elections. Because let’s face it, no two employees’ personal situations are the same.
Organizations have long offered life insurance and accident insurance, but as employees needs change, so has the list of available benefits. From pet insurance to financial planning to yoga apps, voluntary benefits can make a meaningful difference in people’s lives.
Using a mix of employer-paid and employee-paid benefits, these programs can have a positive impact on your organization’s bottom line. Companies report that when their employees are encouraged to make meaningful benefits choices, they’re more engaged, financially prepared, appreciative, and loyal to their employer.
With a workforce that spans five generations, we use a tailored approach to increase program participation and employee satisfaction. We’ll help you:
Financial stress continues to take a major toll on employees. In response, employers are using voluntary benefit programs to help their people budget, save, invest, and protect their wealth. Financial coaching, critical illness, health accident, student loan solutions, and hospital indemnity are viewed as effective programs to help support employees.
Improving physical wellbeing in positive and inclusive ways can make a real difference in employees’ lives. New and innovative programs encourage general wellness and prevention, including gym memberships and fitness apps. You may also want to consider programs that help employees stop smoking, manage diabetes and weight loss, and offer preventative health screenings.
Addressing stress and anxiety early on can prevent costly treatment for physical conditions such as hypertension and diabetes. Programs that can help your people monitor and reduce their stress levels include apps to support sleep and relaxation.
Juggling long work hours along with family and community commitments can be challenging. Benefits that can make a difference include grocery delivery services, in-home yoga, child-at-home education tools, pet supply delivery, or meal discounts and delivery. All these programs can help employees obtain a healthier work/life balance.
We understand individuals’ motivations and the principles of behavioral economics and know what it takes to get the right message to the right people at the right time using the right channels—from “mass media” communications to personalized, more meaningful messages. A comprehensive communication strategy can encourage employees to enroll in and utilize their benefits.
Our data analytics will eliminate the guesswork out of voluntary benefits, drilling down into enrollment/claims data and workforce demographics to help identify gaps in coverage and better understand what employees value the most. We’ll use this information to develop a tailored and comprehensive benefits strategy that addresses everyone’s needs – including the organization.
An effective voluntary benefits program should be effortless for you and your people. Based on your needs, we can help with program design, administration, billing, call center, engagement, vendor management, account management, and enrollment. Additionally, you can use our proprietary technology, or we can seamlessly integrate with your existing systems and providers.
Voluntary benefits not only improve the wellbeing of employees, they can also have a positive impact on your organization’s bottom line. Once your program is up and running, we’ll work with you to measure and monitor plan data and employee engagement, refining as needed to keep you – and your people – on track to meet your organization’s goals.
From modeling anticipated health care spend to enhancing voluntary benefit programs to hosting virtual benefits fairs, we’ll discuss 2021 benefit selections and annual enrollment communications.
For additional insights on how your organization can create a workforce today that can take on tomorrow, check out our thinking.
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