Voluntary benefits are on the rise. There is little doubt about that.
Voluntary benefits are on the rise. There is little doubt about that. Employees and employers alike can benefit from a comprehensive benefits package. Here are some of the reasons why this is the case!
Negligible Costs
First of all, it’s important to note that these costs are low-impact at the employer level. Rates are much lower when offered in groups than for individuals who want a la carte coverage. Plus, everyone is pre-qualified, and that goes a long way towards ensuring that everyone gets the insurance policy that they need.
These Benefits Double as Supplementary
Secondly, these perks also count as supplementary coverage. Thus, employees can also purchase critical illness and hospital indemnity plans if they so need them.
Recruit and Keep Top-Tier Talent
Finding the best talent in your field is essential to your success. That’s another reason why voluntary benefits are so important. Keeping up team morale is well worth it, especially if you want to make sure that your most valued employees don’t jump ship to a competitor who can give them a more outstanding job offer – this becomes even more of a concern when contract negotiation time comes around again.
Ensure Income Protection
With the COVID-19 pandemic still disrupting day-to-day business operations, it’s important for employees to know that they still have some form of income. Voluntary benefits can provide income protection, especially in burdensome situations. For example, individuals may have high premiums that simply don’t exist or are greatly reduced at the group level.
More Choices Available
Finally, consider how these packages incentivize employees to choose from more benefits. This means that employees can select the ones they want – it is catered towards everyone’s individual needs as opposed to employer-chosen blanket coverage that may not cover all eventualities. Although a standard employee benefits package may already be in place, you shouldn’t hesitate to upgrade it at the earliest opportunity. Some examples of choices that are available include the following, among others:
- Term life insurance
- Pet insurance
- Dental and vision coverage
- Cancer insurance
- Accident insurance
Get Your Voluntary and Supplemental Insurance Policies with the MWE Partnership!
Are you a business looking to provide your employees with essential voluntary benefits? If so, look no further than The MWE Partnership. When you choose The MWE Partnership, you get experienced service and comprehensive voluntary benefit options that will meet the needs of all your employees. With over 17 years of experience, The MWE Partnerships is your one-stop-shop for all your supplemental benefit needs. If you are interested in finding out how The MWE Partnership can help your business, then contact us today! Also, be sure to like our Facebook page and follow us on Twitter and LinkedIn for all the latest voluntary benefit news!