Are Voluntary Benefits Really Essential for Business Success?
Right, let’s get straight to it. Yes, we believe that voluntary benefits are an essential component to business success in the current climate.
This is largely due to the employer/employee relationship becoming more personal. With the gulf between staff and management rapidly closing, businesses are quickly realizing that great talent is retained by creating a secure space for employees. Modern living is difficult and financial times are tough, so employers need to be more empathetic than ever.
Recent surveys support this, with the majority of Americans living paycheck to paycheck and 1 in 3 having nothing put away for retirement. This financial strain dictates that more people than ever are looking to employers — both current and prospective — for assistance in lightening the load of modern living.
Voluntary benefits have advantages for employers, too. They help attract and retain top industry talent which positions your company as an industry leader. This is not to mention the loyalty your current employees will feel when you’re there for them in a time of need! According to TriNet, typical voluntary benefits include:
- Life insurance
- Accident coverage
- Critical illness policies
- Hospital indemnity plans
- Legal plans
- Discounted auto/home policies
- Pet insurance
The advantages of voluntary benefits for your business
There is little to no cost to employers, as voluntary benefits are 100% employee-paid. They also offer a viable way to combat rising health care costs by providing inexpensive coverage and an expanded selection of health benefits. The following bears repeating because of the importance of attracting and retaining quality staff for future success cannot be overstated:
- 77% of workers consider the benefits package an important factor in their decision to accept or reject a job. Source: EBRI, Views on the Value of Voluntary Workplace Benefits: Findings from the 2015 Health and Voluntary Workplace Benefits Survey, 2015
- 63% of employees say that benefits are one of the reasons they’re where they are. Source: Mercer, Inside Employees’ Minds, 2015
Complete your employee voluntary benefits package with TrueConnect
TrueConnect allows you to nurture employee confidence by lending a helping hand when an emergency strikes. By being there during times of financial struggle, you’re ensuring they don’t get roped into the false promises of predatory lending practices. TrueConnect is a tried and trusted platform that provides rapid assistance to employees with small loans of up to $3,000. These loans are easily repayable and automatically deducted from the payroll over the course of a year.
We are transparent, honest, and take pride in our mission to provide safe alternatives to predatory lending products such as payday and car title loans.