Should You Offer Voluntary Benefits?

Hiring and training new employees is a tedious process. It could also be costly and often compromises the productivity of remaining personnel who have to do the tasks left by the one who resigned. Thus, employers actively find ways to retain their staff and cut down the employee turnover rate. Organizations that are sensitive to their employees’ needs understand that the latter not only look for well-paying jobs. For employees to stay with their employer, they should also feel safe and cared for. Businesses have since learned to offer attractive employee benefits to address such needs. One avenue to explore is improving the benefits package by providing voluntary or supplemental benefits.

What are voluntary benefits, and why are they a must-have for employers?

No matter how big or small your company is, you could offer voluntary benefits to your employees. They could avail of additional coverage through supplemental benefits if they think they need more than what you provide in their existing benefits package. 

Here are the significant reasons why offering voluntary benefits could prove beneficial to you as an employer:

You could offer it at no additional cost 

Packages offered by employers through group plans are cheaper than what employees could get from private insurance brokers. They could also customize the supplemental benefits according to their needs and circumstances. With these advantages, they do not mind paying additional premiums on their own. You would only have to deduct the contributions from their salary. That means you provide them with extra protection without having to shell out extra money. (You might need to contribute for some plans, but the amount is minimal.)

Your employees would stay longer

Aside from excellent compensation and standard benefits package, giving voluntary benefits assures the workforce that they are cared for. Employees are less likely to leave their jobs when they have a benefits package that they would not easily find elsewhere. They know that finding an employer who is attentive to their needs is also rare.

You would have more productive employees

Employees are more productive when they are happy and satisfied in their workplace. On the contrary, every time a co-worker leaves, the remaining personnel often have to take on additional workload. They usually gripe, trying to learn the tasks left by the one who resigned. They would also need to train new hires. All of this decreases their productivity. But such scenarios could be avoided when you offer an excellent compensation and benefits package.

You would easily attract applicants when you need to hire

An organization that has a high employee turnover rate waves a red flag to potential hires. They would think twice before accepting the job offer as there could be something amiss in the company. Meanwhile, a company with employees who stay with them for years provides a picture of a healthy and happy work atmosphere. By offering voluntary benefits, a company increases personnel retention and attracts quality applicants when it needs to fill vacant positions.

What kinds of coverage can be availed through voluntary benefits?

Insurance companies generally offer coverage for accident, critical, or short-term disability. Others, like Glendale employee benefits insurance, provide a variety of policies, like dental, vision, and long-term care coverage. 

  • Group Short Term and Long Term Disability plans would cover your employees’ lost income if anything happened to them that they could not go to work.
  • Group Life Insurance plans would give your personnel peace of mind knowing that their loved ones would receive indemnity if they suddenly die.
  • Group Medical plans could cover medical costs and give health care services according to your workers’ needs.
  • Group Dental plans would ensure that your employees could easily avail preventive dental care like a regular check-up, cleaning, or fillings.  They can also receive restorative dental care through group dental plans such as root canals or tooth replacements.
  • Group Vision plans allow your personnel to have a regular eye check-up or get eyeglasses and contact lenses.

Recruiting competent and valuable employees could already be a laborious task. Ensuring that they would not leave after only a couple of months is another issue that employers need to deal with. Providing a competitive compensation and benefits package could help you enjoy a higher employee retention rate. You could achieve these objectives by working with the right insurance agents. They would help you identify your workers’ needs and tailor group insurance plans to meet such needs. They would also regularly evaluate the benefits and make sure you are compliant with government regulations. By letting them do the job where they are best at, you could focus on other essential aspects of your business.

About Arroyo Insurance Services

Arroyo Insurance Services was officially established in 1986, but we have roots dating back to before 1950. One of California’s leading client-oriented and independently owned agencies, we have over 140 employees with a combined experience of over 450 years, spread across 11 locations. We are committed to providing the best insurance and risk management services at the most competitive premiums, and backing it with hands-on service tailored to our customers’ needs. For more information on how we can mitigate your risks, contact us today at (877) 220-4769.