Voluntary Benefits – 2 Ways to Reach Employees
May 2, 2022
1:30 minute read
#Benefits #HR Apples & Oranges: Tale of two ways to offer voluntary benefits.
1. “Apples” – Offer a robust line-up of what is thought to be really cool benefits your employees will love, enroll in and they allow for a payroll deduction of premiums due per month.
2. “Oranges” – Same as number 1, however, the difference here is the employer budgets a limited dollar amount for each employee to use in considering and purchasing these voluntary benefits (Defined Contribution).
Differences? Employer demonstrates their belief in the importance of additional benefits, leaving it up to each employee to determine what’s best for them. Resulting in greater enrollment participation. Perceived value of benefits increases. Draws employee spouses closer to this portfolio of benefits. Finally, well thought-out selection of benefits, as well as the communications style best for your people are essential.
We provide both services (brokering, analyzing, implementing), but see the Oranges approach as where #employeesbuyingpreferences are at. Let’s talk.
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