Voluntary benefits are becoming increasingly popular among employers.
Not only do they provide more flexibility and choice to employees, they also enhance employee satisfaction and loyalty.
Examples of voluntary benefits include:
- Supplemental insurance (such as disability, critical illness, or accident insurance)
- Retirement savings plans (such as a 401(k) or 403(b) plan)
- Legal assistance programs
- Wellness programs (physical, mental, financial)
- Discounted services or products from affiliated companies
A voluntary benefit is an additional benefit offered by an employer that an employee can choose to enroll in or decline. And can usually be enrolled in anytime during the year so employees do not have to wait until open enrollment to access them.
Which voluntary benefits do employees want the most? It depends…
5 voluntary benefit trends
Personalization
Employees are increasingly seeking benefits that are tailored to their individual needs. Offering a wider range of voluntary benefits that can be customized to fit each employee’s unique circumstances helps provide more personalization and flexibility.
Digitalization
Many employers are now offering voluntary benefits through digital platforms. This allows employees to access benefits information and enroll in benefits programs easily and conveniently from their computers or mobile devices.
Wellness
Wellness programs are becoming increasingly popular as employers recognize the importance of supporting their employees’ physical and mental health. Voluntary benefits such as gym memberships, wellness coaching, and mental health counseling are becoming more common.
Financial Wellness
Employees are increasingly concerned about their financial well-being. 7 out of 10 American workers say financial problems are their most common stressor. Employers are responding by offering voluntary benefits such as financial planning services, no credit check loans, student loan assistance, and identity theft protection.
Non-Traditional Benefits
Employers are offering a wider range of non-traditional voluntary benefits, such as pet insurance, legal services, and even identity theft protection. This allows employees to choose benefits that are important to them and that reflect their personal values.
Overall, voluntary benefit enrollment patterns can be influenced by a variety of factors.
The best way to know what voluntary benefits your employees will utilize is to ask them directly–survey them and find out.
And if you have questions about voluntary benefits, TrueConnect’s Financial Wellness Platform offers a number of financial wellness options that adhere to everyone’s needs. Reach out and we’ll discuss further.
