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December 28, 2015 at 07:40 AM
Voluntary benefits have gone mainstream in the last few years. And many employees say they are more likely to stay with their current employer primarily due to the voluntary benefits package offered, according to a recent Harris Poll on behalf of Purchasing Power.
With benefit plans being a key tool in an employer’s recruitment and retention strategies, voluntary benefits are popular because employees can choose products that complement their company-sponsored core benefits and round-out a benefit portfolio that suits their individual needs.
“Even though employees are paying for voluntary benefits, they consider them valuable offerings because they can choose what they want and customize their benefits package for their particular needs,” Elizabeth Halkos, Purchasing Power’s Chief Revenue Officer, explains.
“There’s no doubt voluntary benefits are a mainstay in the benefits package, and we’ll see more focus on this in the coming year,” she added.
Here are Halkos’ predictions for voluntary benefits for 2016:
1.Customize, customize, customize.
Carriers, brokers and employers will drill deeper into how employees buy voluntary benefits. Just as the consumer product market studies consumer buying patterns, the non-insurance voluntary benefits industry will look closer at how employees buy benefits. Going beyond the usual demographics of age, sex, income and education levels, now they will look at factors such as lifestyle, housing patterns, and more.
