By Thomas Broderick
Voluntary benefits have shown great promise in supplementing traditional benefits packages that include health insurance and retirement savings plans. However, attracting top talent means that companies must continuously refine which benefits they offer employees and how they roll out these benefits. For this reason, employers must keep up to date with the latest trends in voluntary benefits – trends that have a significant impact on employee retention.
That said, let’s look at six rising trends that employers should pay close attention to for the remainder of 2019.
Voluntary Benefits Are Expected Benefits
The first trend is not so much a type of voluntary benefit but an essential fact that all employers should know. By the end of 2019, most employees will want to work for companies that offer flexible benefits packages that provide some choice. Voluntary benefits provide employees agency, and even the smallest amount of agency can forge a bond between employees and their employers.
Student Loan Relief
Students loans take years if not decades to pay back, and the stress of paying off loans can have a detrimental impact on your employees’ work performance. Also, consider retention. Employees burdened with loans are more likely to leave for another company that pays them a higher salary.
To offer student loan relief, your company matches student loan repayments up to a set dollar amount. The system works in much the same way as retirement matching. A student loan relief program can instill employee loyalty, as employees can pay off their loans faster than they would have been able to otherwise. Your company can also supplement this benefit by holding seminars on student debt – educating employees on other strategies they can use to pay off their loans and build excellent credit.
Young employees have more financial difficulties than student loans. Many employees struggle with saving, budgeting, and other skills. An automated savings plan costs your company very little and can go far in convincing employees that you have their best interests at heart.
In addition to savings plans, professional development courses and other tools can help your employees build their financial skills. No longer worried as much about savings or debt, they can focus more on their jobs.
In the generations since the Second World War, companies that offer childcare services have attracted employees with young families. However, as America ages, more and more employees find themselves caring for elderly parents and grandparents, as well. These responsibilities can negatively affect even the most talented and hard-working employees.
You can offer multi-generation support through discounts on elder care (e.g., nursing services, physical therapists) and additional financial assistance for employees who act as a family member’s sole caregiver.
Multi-generational support means much more than aiding employees’ infants and elderly family members. It also means helping employees’ school-aged children. myKlovr created our virtual college counseling service as a voluntary benefit that prepares high school students for college admissions success. Employees receive this benefit at a low cost and can use the app to check in on their children’s college preparation goals at any time of day.
Employees in hundreds of professions take professional development courses to maintain their professional licenses. These courses can cost hundreds of dollars a year, even if employees receive other discounts through professional organizations. Employers who provide group rates on professional development courses can save not only their employees money but also time. Employees without their employers’ support often waste hours researching professional development courses that meet recertification requirements. By helping their employees save time and money, employers can further raise their employees’ loyalty and job satisfaction
Keep Employees Informed
Making voluntary benefits a success at your company requires much more than a company-wide email or form. To ensure that voluntary benefits become a cornerstone of your company’s corporate culture, you have to invest the time and money to ensure that all employees understand voluntary benefits and stay up to date with the latest benefits your company offers. Consider investing in professional development, seminars, videos, and simple ‘how to’ guides. Once employees become acclimated to voluntary benefits, you can release more periodic updates.
Finally, keep prospective employees up to date by prominently displaying your latest voluntary benefits on your company or organization’s website.
Trends evolve, which means that companies must update their benefits every year to meet employees’ changing needs. This way, companies never lose out on attracting and retaining the best talent.