Voluntary Benefits Strategies That Help Employers Create Loyal & Happy Employees!
Striking The Balance
While most employers realize the importance of voluntary benefits, it is easy to underestimate the extent to which they are valued by employees. A recent study found that 88 percent of employees see voluntary benefits as part of a comprehensive benefits package and 70 percent were likely to purchase voluntary benefits if their employers offered them. During these challenging economic times a straightforward message has surfaced: Now, more than ever before, employees are placing a high value on voluntary benefits.
At the same time, employees and employers alike are concerned about the skyrocketing expense associated with traditional health benefit plans. The average employer is having a difficult time sustaining the same level of benefit contributions necessary for these plans. Many are faced with converting to plans with higher deductibles and less coverage in order to control costs. One potential solution is to offset these changes with an offering of voluntary benefits that can assist with health care costs in the event of an accident or critical illness diagnosis.
BenTec is poised to assist you in finding the right mix of voluntary benefits to complement your core offerings. We have the professional expertise to help you strike the right balance between giving employees access to meaningful coverages and reducing the costs associated with employee benefits.
Next Generation Benefits
In the past, employers primarily associated the term “voluntary benefits” with “life insurance” products. Today the term has evolved to encompass much more.
Today’s typical voluntary benefit menu may offer life insurance, as well as an accident, disability, cancer or a critical illness policy. The steep price tag currently associated with medical insurance has made “catastrophic” and other policies, which cover costs not typically covered by medical insurance, quite popular. Recent studies suggest that 40% of employees are interested in seeing more varieties thrown into the voluntary benefits mixture.
BenTec is forging the path towards the development of benefits that meet these emerging needs.
Helping You Nurture Employee Perceptions
There is often a huge "disconnect" between an employee's understanding of their company benefits and what employer's actually provide for their employees. An extensive research project regarding employee benefits revealed some interesting statistics. Did you know that nearly half (49%) of all employees believe that their company spends less than $2,000 per employee annually on health insurance when in actuality, the national average for employee coverage alone is well over $4,000 annually.
At BenTec, we view the enrollment process as an opportunity to assist you in bridging this communication gap. Our well-constructed communication campaigns provide your employees with a thorough understanding of your benefits program and, at no extra charge, we can use the process to embody your corporate culture and incorporate your goals, vision and objectives.
The survey also reveals an interesting effect regarding the communication of employee benefits. When an above-average benefit package is ineffectively communicated, only 27% of the employees responded favorably. In contrast, when a below-average package was communicated effectively, over 76% of the employees responded favorably. This indicates that employees appear to be most satisfied when proper time is invested and careful explanations are given.
There is no better way to create value in an employee benefits program than through the use of BenTec's communication strategies. Our experienced team will work closely with you to design a completely customized communication campaign that ensures each employee has a better understanding of their benefits.
By partnering with BenTec, you set your company on the path to maximizing the value of your employee benefits package.