Voluntary Benefits: Why Employers Offer Them And The Benefits They Offer Employees
If you work for a company that offers health insurance to you as a benefit, they may begin offering other types of benefits too. These other benefits are referred to as voluntary benefits, and they are optional, just like the health insurance the company offers. Here are two things you should know about voluntary benefits before you opt in.
Why Companies Offer Them
Benefits of any kind are considered an added bonus to employees. When you are considering accepting a job position, you will probably think about the salary, location, and commitment required of the position, but you may also think about the additional benefits it offers. Here are three of the most common reasons employers offer these to their employees:
- To retain them – Decreasing employee turnover rate is vital for a business’s success, and one way companies achieve this is by offering competitive salary packages. This includes a fair salary amount and benefits. Employees might be more likely to stay at a job when they feel they are treated fairly, and receiving benefits is a great way for employers to make employees feel valued.
- To keep them healthy – Benefits offered to employees can encourage them to stay healthier. If employees have free well-visits to doctors through their health insurance, they might be more likely to follow through with them. In addition, employers can offer voluntary benefits designed for wellness purposes. Healthy employees may work harder and call off less often.
- To improve productivity – According to Forbes, employees perform better when they are happy with their jobs. There are many ways to make your employees happy, and offering a variety of useful benefits to them is one option. If your employees are happy with their jobs, you may see your company’s profitability increase.
If your employer calls a meeting to discuss new voluntary benefits, you can be certain he or she is doing this for these reasons. Offering benefits does not only help the company, but it also offers advantages for you.
The Advantages It Offers You
When you have the option of opting into voluntary benefits, you may reap numerous benefits from this. The first benefit is access to products or services at a discounted rate. If your company offers a group policy for vision insurance, you will be able to purchase a policy for a cheaper rate than you would be able to on your own. If you have never had vision insurance before, this might be wonderful news for you, especially if you have a family member that wears glasses.
A second advantage this offers is access to services that might be very useful for you. For example, if the company offers a wellness program, you might be able to receive:
- Free health screenings at your workplace
- Access to an exercise room and personal trainer
- Information from a dietician about what foods to eat and which you should avoid
These services might be exactly what you need to get healthier, and they might be available right at your job, which would make them extremely convenient. Your company can choose from a variety of different voluntary benefits to offer, but these are some of the popular options right now:
- Disability insurance
- Financial counseling services
- ID theft protection
- Life insurance
The benefits your company offers might be free, or they might require a small payment from you. If you opt in, your company is likely to make these deductions on your paycheck, which offers an easy way for you to pay your portion of the costs.
If you would like to learn more about voluntary benefits, or if you would like to begin offering them to employees of your company, you can look into them by contacting a company that offers medical insurance.