In today’s competitive workplace, employee benefits have never played a more important role than they do now.
Why? Because the workplace is changing.
So what are local employers (and their employees) to do? Enter voluntary benefits.
With voluntary benefits, you can offer your teams real value and meet real needs—all at little to no cost. By beefing up your voluntary benefits you can also differentiate yourself from other employers. So how do voluntary benefits work? Let’s dig in.
What are voluntary benefits?
Think of voluntary benefits as complementary to traditional health insurance. Many employers have been offering voluntary benefits for years, traditionally in the form of supplemental medical insurance e.g. critical illness, cancer care, accidental injury etc. Other benefits protect employees’ financial well-being, like 401(k) retirement plans, flexible spending accounts, and life insurance.
As these plans have grown in popularity, the number and variety of voluntary benefits available has expanded. Today, employers are offering a wide range of modern products, including financial counseling, concierge medicine, student loan repayment programs, elder care, and even pet insurance.
How does it work? Typically voluntary benefits are offered through employers to their employees at group rates. Employees select benefits that best meet their needs and budget, and pay for these benefits partially or in full through payroll deferrals.
Employees have spoken: Voluntary benefits matter.
Employees have spoken loud and clear that these benefits matter to them,
Employers also agree: Five years ago 41% would have said that voluntary benefits have little importance to their employee value proposition and benefits strategy. That percentage has shrunk to only 5% in 2018, according to one survey. So while these opt-in benefits may be voluntary for employees, they’re becoming less and less so for employers.
A win-win for employers and employees
With voluntary benefits, you can protect your employees health & wellness and financial health from the unexpected things that life brings along—all while earning loyalty and trust along the way, at relatively low costs.
The power of a benefits partner
When you work with an HR partner like ProService Hawaii, not only do you get access to quality health plans at competitive rates, you also get connected to voluntary benefits that help you retain talent, and attract new ones.
At ProService Hawaii, we provide a wide variety of voluntary benefits from retirement plans and student loan repayment programs, to voluntary benefits that support your team’s health, wealth, and lifestyle too.
Not only do you get powerful benefits—you’ll also get expert support from real local people who’re passionate about helping employers and their teams succeed in Hawaii. Tell us what you need—we’ll show you how we can help.
Want to learn more? Download our free ebook: The Benefits of HR Partnerships in Hawaii.