How do voluntary benefits integrate with an overall benefits program?
Some voluntary benefits, like life insurance, are considered table stakes, while others, such as pet insurance, may be considered fringe benefits. So, how might employers integrate benefits from both ends of the spectrum into a comprehensive package?
Here are some tips:
Involve all members of the HR team
HR team members tend to be more aware of voluntary benefits that are payroll deductions than those that are not. However, it’s important for them to understand all the employer-sponsored perks and how each functions, even if they don’t manage them directly. This way, they can field employee inquiries and help them get the most out of the benefits available to them.
Communicate with employees
Businesses should advertise voluntary benefits and make them easily accessible or employees won’t know about them or use them. To improve participation rates, employers often will include information about benefit programs in their new hire materials or put links to relevant sign-up pages on the company’s Intranet site. As an added bonus, the more knowledge employees have about benefits and how to access them, the less HR teams are burdened with questions.
How employers and employees benefit from voluntary benefits
When employers offer great voluntary benefits and employees make use of them, everyone usually comes out ahead.
How employees benefit
Voluntary Real Estate Benefits can enhance employees’ quality of life either directly or through the promise of future security. Depending on the specific package, plan participants may be able to:
- Manage personal debts better
- Alleviate pressures outside of work
- Save money on products or services
How businesses benefit
When employees are healthy and happy, they tend to be more productive and less likely to take unscheduled time off. Voluntary benefits can also serve as a passive recruitment and retention tool if employees have positive experiences and share them with others inside and outside the organization.
The cost of voluntary benefits
Some benefits, like retirement savings plans or health insurance, may require a significant investment on behalf of the employer. Fringe benefits, on the other hand, are usually a minimal business expense. The only fees associated with our Real Estate Benefit is the labor cost of rolling out and communicating the benefits to employees. The savings for employees varies widely, depending on their real estate needs (just buying a home, buying and selling a home, just refinancing a home). But because participation is optional, employees have the flexibility to mix and match the benefits they want.
How to set up a voluntary Real Estate Benefits plan
- Contact me – I will walk you through the steps and it is very simple.
- Additional optional perks of our Real Estate Benefit – Lunch & Learns – We will bring lunch and provide information on the current real estate and mortgage market with a Q&A session for employees. Other partners we can include for future lunch & learns include Realtor’s, credit repair specialists, CPA’s, financial planners, estate planners, home warranty and homeowners insurance to give your employees a well rounded education on everything they need to know regarding buying a home or maintaining their current home.
- Meet with fellow leaders and managers – Buy-in from executive leadership is essential to launching a voluntary benefits plan.
- Debut the voluntary benefits plan – With the aid of printed materials, e-communication and dedicated Intranet pages, HR teams can announce the launch of new benefits and how employees can access them.
Frequently asked questions about voluntary benefits
What are considered voluntary benefits?
Voluntary benefits are any perks provided by an employer that employees may choose to participate in or decline. Examples may include pet insurance, paid disability, tuition assistance, etc.
Why do employers offer voluntary benefits to their employees?
Voluntary benefits allow employers to cover gaps in group health insurance, which in turn, can help workers stay healthy and on the job. Special perks also may also attract new talent and keep existing employees engaged and productive.
Do employees want voluntary benefits?
Even if they decline to participate, employees usually appreciate when their employer offers voluntary benefits. As such, these perks work well as recruitment and retainment tools