04/29/2024

When It Comes to Retention, Voluntary Benefits are a ‘Game-changer’

The key lies in understanding employee needs and preferences

In the ever-evolving landscape of employment and workforce requirements, one thing is clear: Offering the right voluntary benefits can be a game-changer for employers in attracting and retaining top talent. Recent studies have shown that nearly half of employed workers are more likely to stay with their employer if they have access to voluntary benefits. This signals a significant shift in employee expectations, where salary and traditional benefits are no longer the sole priorities.

Today’s employees are seeking additional coverage beyond the basics of health insurance. Critical illness coverage, disability income and accident insurance are among the voluntary benefits that employees are increasingly prioritizing because such benefits often offer better value than if employees were to buy this coverage privately. These benefits provide a sense of financial security and peace of mind, contributing to higher levels of job satisfaction and loyalty in today’s fiercely competitive job market.

The value of voluntary benefits

But how do employers navigate this changing landscape to ensure they’re offering the right benefits for their workforce? The key lies in understanding employee needs and preferences. By offering a mix of traditional health insurance plans and voluntary benefits, employers can cater to the diverse needs of their workforce while simultaneously enhancing recruitment and retention efforts.

Please select this link to read the complete article from Human Resource Executive.