It’s your first day at your new job and you’ve been handed a large folder filled with important documents outlining all sorts of insurance information. You need to make a decision about your benefits by the end of the week, but you don’t know where to start. After all, how do you even know if employee benefits are right for you?
What You Need to Know About Employee Benefits
The benefits your employer offers to you as a condition of your employment are known as voluntary benefits. Voluntary benefits are products including life, health, disability, and accident insurance offered through an employer but paid partially or solely by employees through payroll deferral.2 While there is no requirement for employees to select an insurance provider through their employer, voluntary benefits provided by your employer can sometimes be cheaper than other benefit options.3 In addition, voluntary benefits allow employees to pick and choose benefits that work best for them and their families, giving them flexibility over their coverage without necessarily breaking the bank.
3 Reasons to Consider Voluntary Employee Benefits
There are a number of reasons to consider voluntary employee benefits, however, there are a few common reasons why employees enroll in voluntary employer provided benefits over the rest.
1. Voluntary benefits may help relieve financial pressure.1
Since voluntary benefits can sometimes be cheaper than enrolling in insurance outside of your employer, it should come as no surprise that employees choose voluntary benefits for the sake of saving money. By saving a few dollars, employees may have more financial confidence – leaving them less stressed.1
2. Voluntary benefits may give you more options.
Employers may provide a list of insurance coverage options for employees to choose from. The array of options provided may give employees the flexibility to choose the kind of coverage they need and how much coverage they want while remaining affordable.
Employee voluntary benefits appear to have a huge impact on employee morale and satisfaction.
3. Voluntary benefits may improve your morale.
Employee voluntary benefits appear to have a huge impact on employee morale and satisfaction. According to a One Medical Group survey, 59% of survey participants cited that their employer provided benefits were something very important to their satisfaction in the workplace.5 Everyone loves a job they can enjoy!
In summary, voluntary employee benefits are an exciting feature of the workforce. The variety of options employees can choose from may provide a degree of flexibility and affordability worth exploring. Talk to your Human Resources Department about your voluntary employee benefits, and see what they can do for you.
- Entrepeneur.com, Employee Demand Makes Voluntary Benefits Mandatory for Employers, 2015
- SHRM, Getting Results from Voluntary Benefits, 2013
- Gusto, What Are Voluntary Benefits, 2019
- Investopedia, Employee Benefits: How to Know What to Choose, 2019
- Employee Benefit Advisor, Why employers can’t afford inadequate benefits, 2018