#employeebenefit

myKlovr: A Short Primer for Benefits Brokers

By Thomas Broderick

As a benefits broker, you give one or more clients expert advice on how to provide the best benefits at a cost affordable to employees, answer employers and employees’ questions, and stay up to date with the latest laws and regulations. As a result, you need to keep on top of the rapidly evolving benefits landscape to succeed at your job.

In this brief article, we at myKlovr want to introduce you to our employee and member benefit, one that appeals to mid-career professionals with middle and high school-aged children. We feel confident that by the time you finish reading, you will recognize myKlovr’s value and want to offer it to your clients.

What Is myKlovr?

MyKlovr answers a question many high school students have: ‘How do I get into my dream college?’ Unfortunately, high schools across the country lack proper college counseling resources, and the best private college admissions counselors charge as much as some lawyers. Many families go into the process blind, and without help, prospective college students cannot attend the right school.

To help families in need, myKlovr developed a first-of-its-kind virtual college admissions counseling service that combines seven key functions:

  • A student portfolio where users can curate their best academic and extracurricular work
  • Personalized goal recommendations (e.g., improve a grade, join a club) that align to the user’s top college picks
    • Users can modify these recommendations, also known as an action plan, at any time
  • A progress dashboard that visualizes users’ accomplishments
  • An advanced college finder with multiple filters
  • A support network wherein users can invite trusted adults (e.g., teachers, parents) to offer advice, keep up to date with progress, and confirm milestones
  • Specialized courses that teach users how to create college-friendly social media accounts
  • Financial education modules that provide valuable information on how to pay and save for college

Users receive all of these services the moment they sign up for myKlovr. Once they input personal and academic information, they can begin improving their chances of college admissions success.

How Does Offering myKlovr Differ From Other Benefits?

You’ve likely come across dozens of voluntary benefits that appeal not only to employees but also their families (e.g., public transportation passes, discounts on entertainment, gym memberships, etc.). myKlovr stands apart in one crucial aspect – cost.

Our low cost not only attracts new users but can help your clients, as well. Unlike with other, more expensive traditional and voluntary benefits, your clients can offer myKlovr at any time of year. Without the need for an open enrollment period, new employees in our target demographic can sign up on their first day of work. Your clients can use this fact to their advantage as they try to recruit the best talent.

Final Thoughts

Please visit our website to learn more about myKlovr and how it helps students and their families. Also, feel free to contact us if you have questions or would like to start offering myKlovr to your clients.

We look forward to working with you.

How myKlovr Can Bundle with Other Voluntary Benefits

By Thomas Broderick

As voluntary benefits become more popular in the workplace, employers are often given the options of choosing benefits that are bundled together in order to save time and money.

In this article, we’ll look at the pros of benefits bundling,  and how myKlovr can bundle with complementary benefits.

Bundling vs. No Bundling

The most significant advantage of bundling involves cost. In a bundle, employees pay less for each benefit than if they had selected them individually. In voluntary benefit bundles, employees pay less and receive the same great benefits.

So, how do companies decide whether to bundle or not to bundle?

What Companies Can Do

When it comes to bundling, companies should turn to the experts – their employees. To understand their employees’ wants and needs, employers can hire survey researchers. These highly-trained professionals perform in-depth research into a company’s history, culture, workforce, turnover, performance, etc. Using this research, they design unbiased surveys (e.g., forms, one-on-one interviews, etc.). After obtaining the results, they present findings and recommendations to senior management.

By asking outside, impartial experts to uncover whether bundling meets employees’ needs,  managers can make an informed decision on whether voluntary benefits bundling works for them.

How myKlovr Can Bundle

When we developed myKlovr, we thought about more than just our primary audience – high school students. We knew that parents would play a vital role in both reviewing their children’s Individual Action Plan and verifying accomplishments. In other words, parents and other trusted mentors play a significant role in helping student users succeed.

For this and other reasons, myKlovr can bundle effortlessly with other voluntary benefits that appeal to mid-career professionals with middle and high school-aged children. The following are just a few of the voluntary benefits that employers can bundle with myKlovr:

  • Discount on a gym membership, local entertainment, etc.
  • Additional medical coverage (e.g., dental insurance that covers braces and other orthodontic services that young adults typically need)
  • Life insurance policy
  • College-savings plan
  • Automobile insurance discounts – a boon for families with young, inexperienced drivers

Final Thoughts

Finally, please keep in mind that if you make surveying your employees part of your company’s culture, you can promote both workplace satisfaction and employee loyalty.

Understanding Millennial Employees’ Benefits Needs

By Thomas Broderick

In 2019, millennials became the largest living generation in the United States. Their ages range from 19 to 37, and overall, they possess many liberal economic and social views. On the job, they want to apply their talents toward producing meaningful work.

Economically, most millennials lag behind the previous two generations (e.g., generation X and baby boomers) due to the “Great Recession” that began in late 2007. This two-year recession and the long recovery stunted many millennials’ career opportunities and salary potential. The recession’s lingering effects have a continued impact on millennials’ earning power.

When considering these challenges under a benefits microscope, two words come to mind: stability and opportunity.

In this article, we’ll explore both traditional and voluntary benefits that appeal to millennials. We’ll also consider how millennials’ benefits needs might change in the coming years.

What Young Families Want

Although millennials differ from other generations, they still value traditional benefits packages. Millennial employees are marrying and starting families, meaning that they put a priority on careers that offer good medical and life insurance policies. Both provide young families – many of which are still adjusting to new financial realities – the knowledge that sickness or death will not cripple them financially.

Yes, millennials greatly appreciate traditional benefits, but their generation also values their families’ well-being over all else, including their employers or careers. This desire to provide their spouses and children with the best quality of life makes it easier for millennials to switch companies if they can attain a better benefits package.

For this reason, companies are offering voluntary benefits to attract and retain employees. Let’s look at some of the voluntary benefits that align with millennial employees’ short- and long-term needs.

The Best Voluntary Benefits for Millennials

Millennials, whether they have families or not, generally want a voluntary benefits package that boasts flexibility, encourages peace of mind, includes their family, and promotes personal fulfillment outside the office.

  • Gym Memberships: Gym memberships represent an excellent supplement to a traditional health insurance policy. Exercise not only improves health, but many people report that it also affects mental well-being. Also, as gym memberships can extend to family members, healthy spouses and children translate into happier employees who can focus on their work better.
  • Financial Literacy: Financial literacy resources can include courses at your job site, apps, and other online tools. If your company adopts financial literacy courses as a voluntary benefit, choose a service that emphasizes 529 plans (i.e., college-savings plans), retirement savings, and student loan repayment strategies. These services best match millennials’ most pressing needs.
  • Additional Paid Time Off: In recent years, companies have used unlimited PTO as a way to attract highly-trained professionals. With more time off, employees can spend more time with their families and feel higher loyalty toward their employers.  Even if your company does not offer employees additional vacation days, ensure that employees feel safe in taking time off.
  • myKlovr Virtual College Counseling: MyKlovr has developed a first-of-its-kind virtual counseling service to assist high school students and their families navigate college admissions. Students receive personalized advice that helps them improve their chances of college admissions success.

Looking to the Future

Although millennials’ children will not enter high school for a few years,  the myKlovr employee benefit can be extended to siblings or even nieces and nephews who are in need of specialized tools to help them gain admission to a good college or university. We at myKlovr also believe that this benefit can be extended to workers who may have taken time-off from studying after high school,  and are currently employed but enroll in college.

Our program works by asking students a series of questions concerning their academic achievement, extracurricular activities, and college preferences. MyKlovr turns this information into success goals that students can achieve throughout high school. If students meet these goals, they can obtain letters of admission from the colleges and universities that myKlovr recommends. We call these recommendations a College Match. In fact, if none of a student’s College Match schools admit the student, we gladly refund the entire subscription fee (terms and conditions apply). That’s how confident we are in myKlovr’s ability to help high school students attend college.

Final Thoughts

Whether through fitness incentives, financial literacy courses, PTO, or myKlovr, your company can attract and retain millennial employees by offering voluntary benefits that match their evolving needs.

Why Your Company Should Offer College Admissions Counseling as a Voluntary Benefit

By Thomas Broderick

Voluntary benefits provide employers an excellent, low-cost method to attract and retain the best talent. With so many options, however, human resources departments may find it challenging to determine which benefits best match their employees’ needs. Also, a benefit that employees value in 2019 may lose its luster in 2020.

When employees lose interest in a voluntary benefit, that fact does not automatically mean that the benefit in question has lost value. Every time you hire an employee, your employees’ demographics shift ever so slightly. If your company experiences moderate to heavy turnover, expect that your employees’ voluntary benefits preferences to change. For this reason, companies should curate a broad selection of voluntary benefits that they can either offer all at once or rotate as their employees’ needs evolve.

We at myKlovr created our virtual college counseling service for the large percentage of American families who cannot afford the high prices that professional counselors charge. In this article, we’ll discuss our voluntary benefit and how it can help your mid-career professionals become more effective and loyal workers.

Your Target Audience

Before discussing myKlovr’s college counseling service, let’s determine whether your company’s employees might be interested. Our service benefits high school students and their families. As a result, if Millennials make up a majority of your workforce, it may be too soon to make myKlovr a pillar of your company’s voluntary benefits package. Millennials have young families whose children range from infants to late elementary school students. However, it’s never too early to start surveying these employees on whether they would want myKlovr as a future voluntary benefit.

How myKlovr Brings College Admissions Counseling to the Masses

Over the last few decades, college admissions have become more competitive than ever. Parents with means turn to private college admissions counselors to help their children explore colleges, improve their grades and extracurricular activities, and write excellent application essays. The best counselors charge over $100 per hour, putting their fees on par with some lawyers.

We at myKlovr created the world’s first virtual college counseling service to help high school students from all socioeconomic backgrounds increase their chances of college admissions success. The service works in much the same way as hiring a private counselor. After setting up an account, students take a lengthy survey that allows our software to understand their strengths, weaknesses, and college preferences.

Students receive a list of custom-tailored academic and extracurricular goals, as well as a college match – a list of colleges where they have the best chances of gaining admission. Parents and other trusted adults (e.g., teachers, high school counselors) that students invite to view their profiles receive updates on students’ progress.

Students’ profiles also provide a dedicated space where students can curate their best academic work. They can then reference these accomplishments in their college admission essays. At the same time, teachers can review this work when writing college recommendation letters.

Finally, we are so confident in our program’s ability to help students succeed that we offer a College Match Guarantee. If a student follows the academic and extracurricular recommendation we suggest and does not gain admission to any schools on their college match, we will refund their entire subscription cost.

What You Can Expect

The college application process takes an emotional toll on students and families. Also, most parents feel great anxiety at the prospect of their children moving away. These combined stresses can negatively affect employees’ work performance. Although myKlovr cannot eliminate stress from parents’ lives, it can assure them that their children are receiving excellent college admissions advice. This peace of mind can help your employees focus on their work better.

Final Thoughts

If your company employs primarily mid-career professionals, consider surveying them on whether myKlovr matches their families’ voluntary benefits needs. myKlovr offers a competitive rate for subscribers who purchase our service through a company-wide voluntary benefits package.

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