In today’s post-pandemic market, attracting and finding good talent may be a challenge.
Voluntary employee turnover has been on the rise and the cost and lost time involved in hiring someone becomes the culprit of affecting a business or organization’s profits and bottom line.
A record of 4.5 million Americans quit their jobs in 2022,1 while job openings reached a historical high in March 2022.1 Employers are seeking traditional and alternative benefits to attract and retain employees.
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Employers can provide group life insurance with additional supplemental riders as a package to help employees defray the costs.
Even though job seekers are still ranking group health coverage and equitable pay as top priorities, individuals in this group also want meaningful benefits that are personal. Employees want work and work environments that enhance their lifestyles and improve their well-being.2
Employee valuation proposition (EVP) is a process where employers evaluate and offer what employees want in the workforce in exchange for what an employee’s talents and skills bring to the business. Companies use EVP as a means to communicate their rewards and benefits to job seekers.
Employee value proposition is part of the ever-growing evolution of total compensation management (TCM). TCM looks at total rewards including compensation, traditional benefits such as group health coverage, defined contribution plans, and supplemental benefits, as well as intrinsic and specialized rewards.3 These trending rewards include recognition programs, leveraging technology for remote and hybrid workers, more paid leave, career development, and mental health and wellness. 4
Supplemental insurance has been part of the backbone of total rewards for decades. The EVP of supplemental insurance works for employers and employees by providing reasonable group coverage costs. The employer is providing a means of compensation via a supplemental insurance policy to help employees with out-of-pocket medical costs.
Employers can provide group life insurance with additional supplemental riders as a package to help employees defray the costs.
Offer Your Employees Voluntary Benefits
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Supplemental insurance is paid to the insured when an accident or sickness occurs. The insurance policy may pay a lump sum of money or on a per-period or per-event bases.
The IRS requires employers who have a workforce of over 50 full-time employees are required to provide major medical insurance to its employees.5 Adding supplemental insurance for your employees shows how you value them and go the extra mile.
The following is a list of supplemental insurance plans:
- Group limited indemnity;
- Short term disability;
- Accident insurance;
- Accidental death and dismemberment;
- Group supplemental medical expense;
- Hospital indemnity;
- Cancer;
- Critical illness;
- Group term life; and
- Group whole life insurance
With so many supplemental plans, the simplest way for an employer to offer employees multiple benefits is by packaging a selection of voluntary benefits to meet a variety of employee needs. A typical package might include a hospital indemnity insurance, and critical illness, accidental, and accidental death, and dismemberment riders.
There are many variations of what is called a voluntary benefit simplified shelf plan. With these plans, an employer may provide or offer supplemental benefits that are all serviced with one enrollment, one invoice or payroll deduction, one member card, and is available to part-time and full-time employees.
Supplemental insurance is one part of total compensation management. It can be a key part by helping people in times of need with their health care expenses. Attracting and retaining talent will always be evolving and changing according to the needs of employers and employees. Offering supplemental benefits to your employees can be one key factor in raising the bar as a great employer.