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
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.