January 5, 2024 in Articles

Expanding Your Employee Benefits: Which Voluntary Benefits Should You Consider for 2024?

Offering comprehensive benefits is a key factor in attracting and retaining top talent. However, simply meeting the traditional standard of benefits may not be enough to appeal to a diverse range of employees. That’s where voluntary benefits come in. Voluntary benefits can give your employees customizable options that fill the gaps left by standard employer-sponsored plans. In this blog post, we will explore what voluntary benefits are and which ones you should consider offering in 2024.

What Are Voluntary Benefits?

Voluntary benefits are employer-sponsored plans that employees can elect to participate in and pay for through payroll deductions. These benefits range from supplementary medical coverage to lifestyle perks like gym memberships or identity theft protection. Unlike core benefits plans, voluntary benefits are not required by law but can still be valuable to employees. They give employees more control over their benefits and provide options to tailor their coverage to fit their needs.  

Why Should You Offer Voluntary Benefits?

Offering voluntary benefits can be a win-win for both employers and employees. For employers, it can enhance their overall benefits package without adding to the company’s costs. This is because with voluntary benefits, the employer does not have to contribute towards the plan’s cost. This is different compared to core benefits, where they are typically required to cover a portion of the premium. Voluntary benefits can also help employers differentiate themselves from competitors and attract top talent.  

For employees, having access to a variety of voluntary benefits means they can have more comprehensive coverage tailored to their specific needs and preferences. It also gives them the opportunity to secure discounted rates through group purchasing, which may not be available if they were to purchase these benefits individually. Voluntary benefits also provide employees with valuable financial protection and peace of mind in case of unexpected events like illness or accidents. This can lead to increased job satisfaction and loyalty towards their employer.  

Which Benefits Should You Consider?

The benefits you offer should align with your company’s values and culture, as well as the needs of your employees. Consider your employees’ demographics, preferences, and needs when determining which voluntary benefits to offer. Voluntary benefits that AssetHR offers include:

  • Healthcare Concierge Services: These services provide employees with assistance in navigating the complex healthcare system, finding doctors and specialists, and scheduling appointments.
  • Early Wage Access: With this benefit, employees can access a portion of their earned wages before payday to cover unexpected expenses or emergencies.
  • Pet Insurance: As more people consider pets as family members, offering pet insurance can be a desirable benefit to help cover unexpected veterinary costs.
  • Prescription Savings Card: This benefit provides employees with discounted prescription medication prices, potentially saving them hundreds of dollars annually.
  • Identity Theft Protection: Provides peace of mind for employees and helps protect against potential financial losses due to identity theft.

Survey your employees to learn which benefits they would find most valuable. Consider consulting with an experienced benefits broker for guidance on which benefits are most relevant, cost-effective, and attractive to employees. Remember that offering a variety of voluntary benefits can help you attract and retain top talent in a competitive job market.

How Can You Take the Next Step?

Once you’ve determined which voluntary benefits you want to offer, consider creating a communication plan to educate employees on the enrollment process and any costs associated with selecting benefits. Make sure to also track the success of your voluntary benefits program by measuring employee participation rates and monitoring employee feedback. Reach out to Chris Kelly at [email protected] for guidance with planning and implementing voluntary benefits in your organization for 2024.