Voluntary Benefits Provide a Win-Win Solution for Employers and Employees
Today’s human resources professionals are responsible for improving workforce retention and productivity through the creation of competitive employee benefits packages. However, with limited staff, shrinking budgets and a diverse, multi-generational workforce with wide-ranging needs, this is no easy task.
An increasing number of employers are turning to voluntary benefits which are easy to implement and do not typically cost employers anything out-of-pocket. These optional “perks” provide assistance for important life matters such as disability insurance, dental and vision care, financial planning services and prepaid legal plans. (Because financial services often require legal expertise, legal plans are widely seen as complementary to financial planning services.)
Well-designed group benefit services promote employee wellness and on-the-job productivity.
Employees have issues ranging from financial and legal to physical and emotional. And despite most people’s best efforts, these issues often affect productivity at work. Studies have shown that when employers provide employees with assistance in dealing with life’s bumps, employees resume focus on their responsibilities more quickly and often feel increased loyalty and gratitude towards employers.
So why aren’t these group benefit services offered everywhere? Not all are created equal. Individual voluntary benefits come at their own cost and involve various implementation methods. Also, value to employees is often subjective.
Recognizing this, Hyatt Legal Plans created a benefit that is easy to use, affordable, and valuable to people of all ages and life stages. In a recent Harris Interactive study on prepaid legal plans
, employees dealing with financial / legal issues reported a reduction in stress, unplanned time off and presenteeism when their employer offered a legal plan. Many also felt a pronounced sense of gratitude to their employers for offering truly helpful group benefit services.
Voluntary benefits can improve employees’ quality of life at a reduced cost.
Offering a variety of voluntary options allows employees to select the services that make the most sense for them. Additionally, they can enjoy these services at a far lower rate than if they were to purchase them on their own. For example, let’s take an employee who pays $16.50 per month (or $198 annually) toward their legal benefit. If this employee, in the course of one year, creates a will and refinances their home, they will save approximately $842 on legal fees (see our Legal Service Plan Cost Calculator
Voluntary benefits are an easy, affordable way to help improve employees’ quality of life and enhance your organization’s employee benefits package. Take a few seconds to request a proposal
and see how you can make a difference in your organization.