Which Voluntary Benefits Appeal to Most Employees?
By: By the Globe Life Staff
July 15, 2024
As more people are postponing retirement and new employees are entering the workforce, today's workforce now spans four generations: the Baby Boomers, Gen X, Millennials, and Gen Z.
According to the Bureau of Labor Statistics, the Current Population Survey of 2024 reports people working 65 years and over now represent 18.9 percent of the total U.S. population. Meanwhile, 80.7 percent of people aged 25-54 years are employed.
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Offer Your Employees Voluntary Benefits
Our benefits are fully-customizable and tailored to help address groups' specific needs.
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Voluntary benefits provide win-win solutions for employees and their employers.
Group Benefit Considerations for Diverse Employee Groups
This generational diversity results in different employee needs and expectations. People starting careers have different expectations compared to those who are reaching mid-career or retirement.
For example, how people prefer to communicate has changed. Some prefer going into the office and conducting face-to-face meetings. Others prefer working remote and using messaging platforms and video conferencing to communicate. As employers and employees grapple with myriads of adjustments to interactive work, we must remember that
employee benefits are still a priority.
Paid Benefits Versus Voluntary Benefits
Many employers offer one or more benefits to their employees.
A benefit offered by the employer can be a fully or partially-paid benefit. For example, an employer might offer a supplemental health insurance option that requires the employee to pay a portion of the premium.
A
voluntary benefit is a benefit that an employer offers at a discounted group rate but is paid for (either partially or fully) by the employee.
Voluntary benefits create an advantage for both employees and employers. Employees can have better benefits through their employer. Employers can offer benefits at more reasonable prices, and create more attractive workplaces by offering benefits.
Offer Your Employees Voluntary Benefits
Our benefits are fully-customizable and tailored to help address groups' specific needs.
Explore Our Solutions
Nine in ten employers offer voluntary benefits.3
67%
Employers offers Life insurance as a voluntary benefit.
52%
Accident Insurance offered by employers.
Other Popular Voluntary benefits
Cancer, Critical insurance, hospital indemnity, short- and long-term income protection, dental, vision and pet insurance
Which voluntary benefits are desired?
One very popular voluntary benefit is accident insurance. Accident insurance can be used to cover individuals or families. Accident insurance policies pay a benefit if the Insured suffers an accident as defined by the policy terms. Benefits are typically paid in a lump sum,
2 allowing the policyholder to use the benefits as they see fit, including to help offset some of the costs associated with an accident.
Other popular voluntary benefits include life insurance, cancer insurance, critical illness insurance, hospital indemnity insurance, dental insurance, vision insurance, and pet insurance.
Voluntary benefits adapt to the market. As insurance companies continue to study the market, the products most desired by employees and employers will become available. Voluntary benefits provide win-win solutions for employees and their employers.
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How Group Benefits Can Serve a Diverse Employee Base
The following are suggestions of how companies can meet the needs of their employees:
- Enhance and customize benefits according to specific workforce characteristics.
- Adapt options by surveying all benefits and creating a more comprehensive approach.
- Create clear communication. Create the right message and communication in diverse ways to appeal to the different generations. If employees don’t understand how a benefit can help them, they are less likely to be interested in enrolling.
Another way to help meet the needs of your employees is to work with an agent or broker who sells group benefits. The agent or broker can guide you in assembling the right voluntary benefits to fit the needs of your company.
Benefit Awareness Brings Benefit Appreciation
Often, the reason employees don’t take advantage of voluntary benefits is because they don’t fully understand how the benefits work or the advantages they can provide.
Throughout the year, consider planning communications to engage and inform employees. Your employee benefits team or human resources team should be the go-to contact for voluntary benefits.
Impactful information can be effective. Explain how supplemental insurance can help cover the gaps for events such as accidents and inpatient hospital stays. This may help improve perceptions of the employer among employees.