As the economy continues to recover, many companies are facing the same old challenge – how to recruit and retain top talent. As more jobs open up, hiring managers must find ways for their opportunities to stand out among the competition. As a leading staffing services firm in Phoenix, PrideStaff can tell you one way to do that is by offering employees voluntary benefits.
What are voluntary benefits?
Voluntary benefits are those insurance products an employee may choose to opt into and pay for personally at a rate lower than one they could get on their own. As a result, employers can offer employees a more enticing benefits package, without adding to their overhead. Each employee can simply pick and choose which benefits work best for them.
Examples of voluntary benefits:
- Dental Coverage
- Disability Coverage (short and long-term)
- Critical Illness Coverage (for illnesses like cancer, strokes, heart attacks, organ transplants, or kidney failure)
- Long Term Care Insurance
- Vision Coverage
- Legal Counseling (for matters such as wills, real estate transactions, and traffic issues)
- Financial Education, such as access to credit counselors
Some pros of offering voluntary benefits to employees include:
- Reduce costs associated with employee absences. For example, some disability insurance policies offer return-to-work programs that can help facilitate an employee’s reentry into the workplace.
- Help combat rising benefits costs. Voluntary benefits can give companies more flexibility in managing the rising cost of health care.
- Reduce employee stress associated with finances. PriceWaterhouseCoopers’ Financial Wellness Survey in 2011 found 61% of employees find dealing with their financial situation stressful. One source of concern is the gap in their risk-protection plans, such as life insurance. Voluntary benefits can help employees close gaps in coverage at little or no cost to employers.
- Increase employee loyalty. Benefits are a strong driver for enhanced employee loyalty. In fact, according to a MetLife employee benefit trend study, nearly 60% of employees consider voluntary benefits to have a very important correlation to their loyalty to their employer.
Voluntary benefits are a win-win for both your company and your employees. With these benefits, you’re helping employees protect their health, their savings, and their families, without impacting your budget.
Need more help attracting top talent to your team? Call PrideStaff. As one of the top staffing services firms in Phoenix, our expert team of specialists can help you recruit and hire the skilled employees your business needs to keep it innovating and growing. We’re just a click away! Contact us today.