A recent nationwide study found that more and more businesses and workers are benefiting from voluntary employee benefits programs. According to the Prudential Insurance Company State of Group Voluntary Benefits survey:
- More than six in ten employees surveyed (63%) believe that voluntary benefits increase the value of their company’s benefits program.
- The percentage of employees who would like to receive more benefits grew to 34% from 24% a year ago.
- One in three employees feels that losing their voluntary benefits would be disruptive and expensive.
- “Employers and employees agree on the value of voluntary benefits,” says Bob Patience Prudential Group Vice President, Voluntary Benefits Insurance.
- “Employers see an increase in employees’ satisfaction with these programs, while employees appreciate their employers’ endorsement of the products offered, and believe they get good value because of their employers’ involvement and diligence.”
Voluntary benefits offers workers a number of advantages, including the education and resources they need to make informed decisions based on their needs. Taking full advantage of these programs is a great way for employees to improve their “wellness” – both physical and financial. What’s more, voluntary benefits offer workers the convenience of employer-based enrollment systems and “pain free” payroll deduction.
What employees saw as the primary advantage of voluntary benefits varied based on age, education, and gender. More than three in five workers (62%) over the age of 60 focused on the guaranteed coverage feature. More than half (56%) of college graduates preferred the wide range of available products. A slightly higher percentage (53%) of women than of men (45%) chose the convenience of payroll deductions.
Our agency’s professionals would be happy to advise you on creating or updating, your Voluntary Benefits program – just give us a call.