employers

Using myKlovr as a Retention Tool

As of the writing of this article, the economy is booming. That’s great for many reasons. However, for employers, a strong economy also means that employees might start looking for a more lucrative position at a different company. Additionally, with a smaller-than-average labor pool, competitors raise wages and improve benefits.

When an employee leaves a position, they might also leave a professional association. In this scenario, both employers and professional associations lose out, especially when they could have taken steps to increase retention.

In this article, we’ll explore how using myKlovr as a retention tool can reduce employee and membership turnover during a strong economy.

myKlovr: A Brief Primer

Over the last few years, we at myKlovr have developed and launched a first-of-its-kind college counseling app that helps high school students identify their academic strengths, research colleges, and create an action plan for college admissions success. Another one of our service’s exciting features is that users can invite trusted adults – parents, teachers, guidance counselors – to review progress and verify milestones. This way, the people who care about the user the most have real-time information about what the user still needs to accomplish before applying to college.

We are also partnering with outside companies to increase the number of benefits users receive. These services include debt advising and a marketplace that showcases the best online tutoring and test prep services available. Additionally, we offer these extra resources at no extra cost.

For Employers

The work landscape is changing, and as a result, employers must try new strategies to attract and retain top talent. Millennial workers’ growing families will include high school-aged children in the next few years. This fact gives employers the perfect opportunity to provide benefit options that target employee’s children’s needs.

Besides helping student users, myKlovr can increase a company’s retention rate in two essential ways:

  • Offering myKlovr shows that employers care about employees’ well-being outside the office.
  • Once employees see myKlovr’s value, they will want to continue receiving it at the discounted price their employer provides.
    • Of course, an employee’s child can continue using myKlovr if that employee changes jobs. However, he or she will pay the full price for our service.

For Professional Associations

Voluntary benefits are arguably more important for professional associations, as members inherently have less motivation to remain compared to a paying job. That’s why associations must offer unique benefits that prospective and current members cannot find elsewhere. In addition to the reasons mentioned in the previous section, professional associations should consider offering myKlovr if they meet the following criteria:

  • They appeal to mid-career professionals in any field.
  • Their membership primarily consists of education professionals.

Let’s take a brief detour to discuss non-professional and pre-professional associations that cater to young adults (e.g., scouting, honor societies, etc.). These associations, too, should consider offering myKlovr to increase enrollment and retention. This way, members gain both the life skills the association instills as well as myKlovr’s expert college planning advice. That’s a recipe for academic and professional success.

Final Thoughts

myKlovr may not match every corporation and association’s needs, but for some, the benefits are clear. Please contact us if you believe that your company or association could increase retention by offering myKlovr. We look forward to working with you.

Voluntary Benefits: A Primer for Employers

By Thomas Broderick

From catered lunches to flexible work schedules, employers are doing everything they can to attract top talent away from other companies. Although attractive to employees, these benefits and perks can cost employers a tremendous amount of money. Also, not all employers can afford these services, especially when they already pay for traditional benefits packages. However, in this era of record-low unemployment, all employers must experiment with new and unique benefits. One such option involves voluntary benefits.

What Are Voluntary Benefits

The following chart breaks down some key differences between traditional and voluntary benefits.

Traditional Benefits Voluntary Benefits
Employees receive them automatically. Employees select some benefits from a list of options.
Employers pay the cost. Employees pay the cost, but a much lower price as they receive a group rate.
As every major employer offers them, companies do not stand out to prospective employees. By curating a unique list of voluntary benefits, employers can target a particular group of professionals (e.g., millennials with young families) they want to recruit and retain.

Now that you know how traditional and voluntary benefits differ, here are some popular voluntary benefits that companies are offering their employees:

  • Identify theft protection
  • Critical-illness insurance
  • Pet insurance
  • Student-loan refinancing
  • Public transportation passes

To create a benefit for employees, companies partner with a second company — a benefits broker or professional employer organization (PEO) — that manages the benefit. The two companies agree on how the benefit will work and how much employees will pay. This process costs the employer very little; the company offering the benefit knows it will make its profit from the other company’s employees. Companies can offer their employees as many or as few voluntary benefits as they please.

Should My Company Offer Voluntary Benefits?

Voluntary benefits provide a host of advantages with little to no drawback for your company. By researching the most popular voluntary benefits and surveying your employees, you can determine which benefits would best attract and retain talented professionals.

If your company has never offered voluntary benefits, employees will need to learn how these benefits can complement their traditional benefits packages. You might consider holding a company-wide seminar or training session to educate employees about voluntary benefits.

After you roll out voluntary benefits, be sure to judge your employees’ reactions and adjust benefits accordingly. Just because employees responded positively to a benefit in a survey does not automatically mean that they will stay with your company if they should receive a better offer. In other words, providing the best voluntary benefits requires continuous fine tuning, especially if your company experiences moderate to high turnover.

MyKlovr’s Unique Voluntary Benefit

The best college admission counselors often charge over $100/hour for their services, making them out of reach for most families. Since 2017, myKlovr has striven to create an affordable virtual college admission advising program for high school students and their families. For a flat monthly fee, students receive expert, tailored advice to help them raise their chances for college admission success.

Our benefit appeals to employees who could not otherwise afford college admission counseling for their high school-aged children. As of the writing of this article, myKlovr has partnered with the following companies to bring our service to families in need:

By selecting myKlovr as part of your company’s voluntary benefits package, you convey to employees that you care about their lives outside of the office. With their children’s college advising in good hands, employees can direct more energy toward their work.

Your Next Step

Now that you understand voluntary benefits and how they can help your company, consider hiring a consultant – preferably a survey researcher — to determine which benefits best match your and your employees’ needs.

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