HOW WORKSITE BENEFITS BENEFIT EVERYONE
THE HIGH COST OF HEALTH CARE AND THE EVOLUTION OF INSURANCE PLANS WITH HIGH DEDUCTIBLES HAS CREATED A MARKET FOR VOLUNTARY BENEFITS.
Worksite benefits, often referred to as employee benefits or perks, play a crucial role in the modern workplace. Beyond just being a tool for attracting and retaining talent, worksite benefits have far-reaching advantages that benefit not only employees but also employers and society as a whole. In this blog, we’ll delve into the multifaceted benefits of worksite benefits and why they are essential for everyone involved.
Improved Employee Well-Being
Worksite benefits play a vital role in boosting the overall well-being of employees by granting them access to critical services like healthcare, dental care, and mental health support. These benefits ensure that employees can address their healthcare needs without financial strain or worry.
Comprehensive benefits packages go a step further by offering insurance coverage for medical emergencies, disability, and life insurance. By providing this safety net, employers offer their employees peace of mind and a sense of security, reducing stress and promoting overall well-being.
Enhanced Job Satisfaction and Retention
By offering compelling worksite benefits, employers showcase their dedication to the well-being of their employees, resulting in heightened job satisfaction and improved morale among staff members. When employees feel valued and supported through comprehensive benefits packages, they are more likely to remain committed to their employers over the long term, leading to lower turnover rates and reduced recruitment costs.
This commitment to employee welfare fosters a positive work environment and strengthens the employer-employee relationship, ultimately benefiting both parties involved.
Increased Productivity and Engagement
Worksite benefits play a crucial role in fostering a healthier and more content workforce, which in turn leads to heightened levels of productivity and engagement among employees. By offering access to wellness programs, flexible work arrangements, and opportunities for professional development, benefits packages motivate employees to excel in their roles and make meaningful contributions to the organization.
When employees feel supported and empowered through these initiatives, they are more likely to be fully engaged in their work, resulting in increased efficiency, innovation, and overall success for the company.
Competitive Advantage for Employers
Employers who prioritize comprehensive worksite benefits gain a distinct competitive edge in the talent market, positioning themselves as desirable employers in the eyes of job seekers. A robust benefits package sets them apart from competitors and serves as a compelling recruitment and retention tool, especially in industries where skilled professionals are in high demand.
By offering benefits that address the diverse needs of employees, such as healthcare, retirement plans, and wellness initiatives, employers demonstrate their commitment to supporting their workforce’s well-being and success.
Positive Impact on Society
The influence of worksite benefits extends beyond individual companies, contributing to broader societal welfare and economic stability. By providing essential benefits like healthcare coverage and retirement savings plans, employers play a significant role in promoting public health and financial security. Access to employer-sponsored benefits reduces reliance on government assistance programs and fosters a more resilient and self-sustaining society.
In this way, worksite benefits not only benefit employees and employers but also contribute to the overall welfare of communities and society as a whole.
Employees can choose from a number of insurance products to complement their coverage and to help achieve a greater degree of stability. Worksite Benefits (voluntary coverage) plans may be 100% paid for by employees or cost-shared with the employer. Here’s why worksite benefits benefit everyone.
Creating a more comprehensive and competitive benefits package is good for the employer as they attract better talent, good for the employee as they get improved coverage, and good for the broker who is providing cost-effective solutions. In 2017 nearly half of large employers offered at least one of the three major voluntary benefits: accident, critical illness, and hospital indemnity.
Enrollment in voluntary benefits can be streamlined by offering these benefits at the time of enrollment in a MEC or other benefits plan, by ensuring ease of use in a portal or enrollment documents, and by informing employees of the benefits of Worksite Benefits.
Voluntary benefits generate commissions that can be used to fund overall benefits administration costs and project work done by TPAs that would otherwise be paid by the employer.
SUPPORT FOR PHYSICAL AND MENTAL HEALTH AND WELLNESS
On the employer side, there has been a national push for physical and financial wellness initiatives. Employers are recognizing the increased stress their employees deal with on a day-to-day basis and are offering solutions. Stress costs American businesses more than $300 billion a year.
PERSONAL PREFERENCE DRIVES DEMAND
Employees want to have more control when it comes to deciding which options are useful for them.
When employers offer a wide range of benefits that address physical and mental health and wellness issues, employees can adapt the package to fit their lifestyle needs.
THE IMPORTANCE OF TECHNOLOGY
The wide array of technology providers offering more streamlined technology also makes voluntary benefits easier to implement for employers and brokers. Online enrollment, automated processing of administrative tasks and the ability for employees to “self-serve” all make the voluntary benefits enrollment process more attractive to employees and employers.
Voluntary benefits are only going to increase in popularity for employers and brokers of all sizes as they become more essential in the lives of employees. Isn’t it time to take a look at your benefits offerings and make sure they are competitive? Call SBMA today.
