Extending voluntary benefits to your part-time employees can keep them on your payroll.
Extending voluntary benefits to your part-time employees can keep them on your payroll. Whether or not they are remote workers who work on a freelance basis, or they work fewer than 40 hours a week, they still need the best coverage you can give them. Here is how you can deploy this measure and improve employee morale.
Addressing Lapses in Coverage
Occasionally, there will be gaps in coverage. One such situation that is more common than you think occurs when one plan ends, but there are several months before another one can begin. The question is, what are employees looking for in particular? Lower costs, more choices, and using more convenient methods are at the top of that list. Paying through pre-tax pay or payroll deductions is much less confusing than if the money is taken off after the fact. This arrangement also allows employees of all statuses to be eligible for discounted prices and the same types of insurance, even if there isn’t as much protection offered because they are not considered to be full-time workers.
Setting Everything Up in Time
The next concern has to do with establishing these voluntary benefits in a timely fashion. One way to strengthen the bond between team members is to ensure that everyone is on even footing. The gig economy was projected to be on the upswing back in 2017, and here in 2020, that prediction has become a reality. Part-time employees and freelancers are the heart of the gig economy, and as such, the workforce needs to be pivoted to support them just as much as regular full-timers are. Accordingly, premium subsidies and open enrollment windows would need to be integrated into these programs. It’s only fair – and logistically speaking, makes matters much more streamlined and less time-consuming.
Challenges to the Bottom Line
Any lost productivity can affect both the company’s bottom line and the stress levels of your team members. Too much stress can impact the mental and physical health of everyone associated with your team, and that can lead to a variety of negative consequences. Because of this, both W-2 and 1099 employees deserve to have the best voluntary benefits packages you can offer to them!
Get Yor 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!