Mother Your Employees
There was a time in the old days that voluntary benefits were primarily thought of as “optional” for employers to provide. Things are different now. The addition of vision plans, pet insurance, accident insurance, cancer insurance, long-term disability insurance etc. are no longer abstract items on the menu.
Today, amidst the lack of wage growth, more employees are being asked to take on paying for more of their healthcare costs and so voluntary benefits that help workers allay some of those extra costs are more and more crucial. These types of benefits provide employees with a the security of knowing their families would be protected financially if something ever happened. It basically comes down to this: A secure employee, is a productive employee, an anxious employee is an immobilized employee.
Many companies appear to agree; a recent survey showed that 42 percent of employers studied “filled in the gaps”. These employers indicated that there was a fourteen percent employee participation among their employees for voluntary benefits compared to the previous year. Some organizations such as Draper Laboratory based in Cambridge, Mass., offer employees group life and auto insurance, in addition to boat and rental insurance.
Bottom-line if you are cutting back in other areas, voluntary benefits can add value for your employees. It might be something as simple as an employee’s child breaking an ankle during soccer practice or something as severe as having a heart attack or receiving a cancer diagnosis; in all cases, having the added benefits gives the employee peace of mind; you know, the kind of security a mom provides to her children, so they know when they have a boo boo, she will be there?
In the current market, job security is the number 1 concern for the American employee, but right after that is “what would happen to my family if I got hurt?” Plus, lets not forget . These are the times to build trust with your talent base. Because when the economic times change for the better, guess who will stay with you, your beloved Child!
