It’s easy to get caught up in the finer details and lose sight of the bigger picture when you are researching products to add to the benefits package offered by your organization. The main thing to figure out is whether the product is going to be beneficial to both your company and your employees. Keep reading to find out more about how supplemental benefits or voluntary benefits can be advantage for both your company and its workforce.
Free or Inexpensive
One of the main reasons why supplemental benefits are popular with employers is that they are inexpensive, or in some cases, completely free of charge. It is up to you as the employer to decide if you want to cover part of the monthly premium. Even if the employees are paying the entire premium themselves, it is usually still beneficial as they get access to a discounted rate on the supplemental benefits that their employer offers.
Protect Employee Finances
There are various supplemental insurance products that can be offered to protect employees’ finances in different ways, which is just one of the reasons why they are so popular. For example, critical illness cover, accident insurance, and long-term care insurance can be offered to help you help your employees protect their retirement funds and savings. Offering disability insurance can ensure that your employees’ paychecks are protected, and life insurance products mean that family members don’t have to use savings, college funds, or retirement funds should the worst happen.
Because employees who have access to these supplemental benefits tend to have more financial security leading to less stress as a result, they may be more productive at work. People who are relaxed and have more peace of mind when it comes to their financial situation tend to be more productive at work. In fact, studies by the Consumer Financial Protection Bureau found that when people are not distracted by financial stress in their personal life, they will accomplish more at work.
Improve Recruitment and Retain Employees
Many employers who provide supplemental benefits to their employees do so in order to improve the recruitment process, along with retaining existing employees. Supplemental benefits on offer can make it easier for your company to hire the best talent since these days there is a lot of competition for employers who offer more than just a paycheck. And, when employees are working for a company that offers a range of supplemental benefits, they are more likely to continue to work there for as long as possible.
Easy to Set Up
Last but not least, most supplemental benefits are usually easy to set up in your company. Administration for supplemental insurance products tends to be convenient and simple, and you can easily set up payroll deduction when it comes to how employees are going to pay for the premiums that they are interested in.
Supplemental benefits are great for both employers and employees. They allow employees to gain more financial security and peace of mind, while providing employees with more productive staff, better recruitment, and better employee retention.