When it comes to navigating the world of employee benefits, there’s a lot to take in, especially if you’re a first timer. Among the suite of benefits you’re likely to be offered, voluntary benefits are often misunderstood. What are Some Examples of Voluntary Benefits? Voluntary benefits include a variety of options, all designed to...
Benefits can be a deciding factor on whether an employee stays within a company or decides to move on. In order to stay competitive, more and more companies are looking for ways to expand their benefits package. According to a survey by Business Wire, 76% of employees say that offering voluntary benefits would persuade them to stay with their current company. Voluntary benefits are extra perks that employers can offer employees at discounted prices. Employers will often offer employees the option to pay for voluntary benefits via payroll deductions.
Examples of voluntary benefits include:
- Additional life insurance
- Critical illness insurance
- Pet insurance
- Disability insurance
Additional Health Benefits
Signing up for voluntary health benefits could help cover expenses that an employee’s health insurance policy does not cover. There are a variety of options to choose from such as critical illness insurance, accident insurance as well as added vision and dental benefits. Employee wellness options can include telehealth services and discounted gym memberships.
Financial planning is important to many people. Employers can offer financial planning assistance, investment guidance and student loan repayment programs. Doing so will help employees with financial literacy set financial goals and plan for their future.
In an ever-changing technology fueled world, offering security benefits can offer some assurance that employees will be protected from potential threats. Examples of security benefits include identity theft protection, life insurance and legal benefits. Additionally, offering discounted home security systems/installation and homeowners’ insurance will help homeowners feel safe and secure in their own home.
Personal and Miscellaneous Benefits
In a post-pandemic world, employees are searching for employers and benefits that fit their needs, wants and lifestyles. Employers can attract and retain talent by offering competitive benefits that are unique and affordable. In addition to health insurance options and retirement plans, employers can offer voluntary benefits such as pet insurance, car insurance, travel insurance, employee assistance programs (EAPs) and flexible or remote work policies to meet employee needs.
The information in this blog post is for educational purposes only. It is not investment, legal or tax advice. For legal or tax advice, you should consult your own counsel. To stay up to date on benefits trends and insights, subscribe to our blog.