Let’s learn more about how workers and employers can benefit from voluntary insurance.
Are you seeking benefits that can help attract and retain talent? Voluntary benefits are products or services companies provide their workers as employment perks. Participation is optional, even though many employees find voluntary insurance very attractive. Let’s learn more about how workers and employers can benefit from voluntary insurance.
Types of Voluntary Benefits
There are different voluntary benefits available. Some that employers often find to be the most valuable regarding talent retention are:
- Financial Wellness. This may include financial counseling, mortgage protection insurance, and student loan repayment programs.
- Health and Wellness. This can include vision insurance, dental insurance, life insurance, health insurance, and gym memberships.
- Personal Benefits. Employees may benefit from pet insurance, travel insurance, car insurance, and discounted goods and services.
- Security. Employees can provide identity theft protection and homeowners’ insurance.
The Integration of Voluntary Benefits with Other Benefits Programs
How can employers integrate voluntary benefits into a comprehensive package?
Involve All HR Team Members
HR staff tend to be more aware of voluntary insurance, which is payroll deductions, than those that are not. However, it’s significant for HR team members to understand all the employer-sponsored perks and how each works, even if they don’t handle them directly.
Enhance Participation Rates
Companies should advertise voluntary benefits and make them accessible to employees who don’t know about them or use them. To enhance participation rates, employers can include information regarding voluntary insurance in their new hire materials or place links to relevant sign-up pages on the company’s Intranet site.
Integrate Payroll and Benefits
Employers who want to create benefits administration as smoothly as possible often work with a payroll service provider, such as ADP. ADP can integrate payroll and benefits so that employee contributions may be automatically deducted from their pay.
How Companies and Employees Benefit from Voluntary Insurance
Depending on the specific package, employees can benefit from having voluntary insurance, such as:
- Improve their health
- Alleviate pressures outside of work
- Save money on services or products
- Manage pressures outside of work
Lastly, voluntary insurance can also be a method of attracting and retaining talent if employees have positive experiences and share them with others internally and externally.
Get in Your Voluntary, Supplemental, and Health 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 all your employees’ needs. With over 17 years of experience, The MWE Partnership is your go-to provider for all your supplemental benefit needs. If you are interested in finding out how The MWE Partnership can help your business, contact us today! We encourage you to like our Facebook page and follow us on Twitter and LinkedIn for the latest voluntary benefit news!