Voluntary Benefits and Services: An Employee Solutions Win-WinJuly 6, 2017
In a world where people are an organization’s most valued assets, companies need to be strategic about offering employee solutions that successfully improve retention in order to stay competitive and keep the cost of turnover down. One of the ways to achieve both goals is to offer or expand your organization’s portfolio of voluntary benefits and services (VBS) to show your employees you are committed to their well-being. According to Willis Towers Watson’s 2016 VBS Survey, 92% of U.S. employers believe VBS will be important to their employee value proposition over the next three to five years, up from 59% in 2013.
Offering employee solutions to help employees make better benefits decisions may also help to boost productivity. For example, 38% of workers say that personal finances are a distraction at work, according to MassMutual’s Benefits Security Study. Helping alleviate financial concerns can help employees focus more on the job, increase productivity and boost your bottom line.
Be creative and progressive in addressing the holistic employee experience—consider the emotional, financial, and physical well-being of your most valued asset, your employees. Select VBS that complements your existing employee solutions to help fill benefits gaps, provide supplemental protection for your employees, at a low or no additional cost to your organization.
Employee Solutions Growing in Popularity
Based on changing interests and priorities, the following VBS options are predicted to experience dramatic growth over the next two years:
- Identity theft protection – offered by 35% of employers in 2015, could double to nearly 70% by 2018.
- Critical-illness insurance – offered by 44% of employers in 2015, could grow to 73% by 2018.
- Student loan repayment programs – offered by just 4% in 2015, could increase to 26% by 2018.
- Pet insurance – offered by 36% in 2015, could rise to 60% by 2018.
According to the data from Generali Global Assistance, the number of customers affected by data breaches has increased over 40% every year since 2011. Consider adding identity protection services as a VBS for positive returns, increased wellness and ultimately higher work performance that contributes to your organization’s overall business goals. However, be sure that any employee solutions you offer are from organizations whose standards align with your own and who view your employees as highly as you do – both help to ensure they’re services your employees will find valuable.
At Generali Global Assistance, we are committed to offering top-notch identity protection services. Our Resolution Center is made up of highly-trained, certified resolution experts who have received multiple customer service awards. Know that any organization’s experience with us will always reflect the highest standards. A partnership with Generali Global Assistance means adding value to current employee benefit offerings and keeping employees satisfied with their benefits without breaking the bank. Sign up for email updates to learn more about meeting your business goals with innovative employee benefits products and strategies.