Flexibility and Choice Key in Employee Benefits
A recent study shows that younger employees view benefits programs differently than older workers. Workers who are 34 and under, according to the study, are more interested in greater benefits choice. They want to increase the value of some benefits while reducing the value of others. They are also much more likely to pay for the benefits they want than older employees. For example, they view dental and drug plans in their top five most important benefits, and are willing to pay for coverage.
In fact, employee interest in Voluntary Benefits through the workplace has continued to grow, with a 16 percent increase in voluntary sales in 2010 alone. And studies show that voluntary benefits strongly impact employee satisfaction when they’re offered at work, especially for those between the ages of 30 and 49.
This study, like others undertaken in the last few years, underscores the strong support for companies to focus on offering flexible benefits and the use of voluntary benefits to supplement core benefits, and cater to the needs of individual employees and where they’re at in their lives. This not only provides employees with what they want, but it also helps employers control benefit costs. It’s basically spending money smarter when it comes to the benefits you offer.
In addition, employees who report that they are very satisfied with the benefits they receive through work are more than three times as likely to indicate that they are highly satisfied with their current job compared with those who are very dissatisfied with the benefits program. And, they are also more likely to say that they feel a strong sense of loyalty to their employer.
Employers need to offer more choice, customization, and flexibility, with employees taking more responsibility. At Risk Advisors of America, we can help you design a flexible, cost-effective benefits plan that works for you and your employees. Give us a call today at (877) 881-0743!