In today’s economy and with the continuous changes associated with employer-sponsored health care benefits, companies are seeking creative ways to enhance the benefits offered to employees without adding new cost.
The most popular benefits package enhancement is offered at the worksite on a voluntary basis. The products can supplement medical, life and disability coverages through policies such as critical illness, accident, disability and long-term care. While these traditional voluntary benefits have become increasingly useful in supplementing employer-sponsored benefit plans, growing employer demands leave employees wanting and expecting even more.
“In a world where employees are constantly connected to their jobs through technology, they are struggling to find work-life balance,” says Ron Smuch, a sales executive for JRG Advisors, the management company for ChamberChoice. “As an employer, it is more important than ever to offer creative solutions to assist employees with personal needs such as auto, homeowner’s and renter’s insurance, financial planning and energy cost management.”
Smart Business spoke with Smuch about voluntary benefits, including personal insurance, and why providing employees with innovative and unique benefits can benefit them and the overall company.
Are personal insurance options expensive?
As with traditional voluntary benefits, there is no cost to the employer, and personal insurance options can further improve the ability to recruit and retain quality employees. With employees absorbing increased health insurance costs, providing access to potential cost saving solutions for their personal needs is a great way to improve employee satisfaction and commitment.
Why are these ‘extra’ benefits so vital in today’s business world?
The common reality of today’s work force, given our fast-paced society, is the fact that employees are increasingly pressed for time. As employees struggle to maintain work-life balance, it can be difficult to research and fully understand all components of personal insurance coverage such as auto, homeowner’s and renter’s insurance. By making these products available to employees on a voluntary basis at the workplace, employers can address this reality while boosting employee morale and productivity.
Introducing personal insurance options is a ‘win-win’ solution for the employer and employee. Affording employees the time and opportunity to have their personal insurance coverages reviewed can produce valuable savings that will enhance the current employee benefits package without adding cost. Employees will appreciate the extra effort, which will positively impact morale and productivity.
