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Designing benefits plans to help workers manage and maintain their health and finances — and thus remain engaged and productive at work — is a top priority for companies around the globe.
Employers understand that their benefits can be instrumental in shaping the type of organization they are and the way their employees — and their peers — perceive them.
The challenge of providing benefits that satisfy everyone is leading employers to reassess their benefits packages to provide greater benefits choice and flexibility to meet a growing and broader range of needs. The good news – technology advances are reducing some of the roadblocks associated with providing greater choice with the emergence of flexible and streamlined administration platforms that enable a more efficient and customized benefits delivery approach.
According to the Willis Towers Watson 2019/2020 Benefit Trends survey, the key challenges facing employers are:
Employers plan to add more voluntary benefits.
For brokers, this means there’s a great opportunity to win more sales. These benefits can be essential to employee recruitment and retention plans, especially with today’s record-low unemployment numbers.
Employees are seeking better choices.
To mitigate the bad news of rising healthcare costs during enrollment and offer the financial protection employees desire, offer them the choice of voluntary benefits.
More interest expected from younger workers.
As millennials and generation Z employees try to protect their assets, there’s an increased interest in voluntary benefits. When explaining the value of voluntary benefits to these savvy consumers, show them how they can offer a financial shield and cite examples that are relevant to their lifestyles.
Solutions for multi-generational workplaces.
Today’s workplaces can include up to five generations. From the silent generation (born in 1945 or earlier) to Generation Z (born in 1995 and after). Addressing the diverse wants and needs of today’s multi-generational workforce is a top challenge worldwide. Voluntary benefits can be the solution that addresses the needs of all generations, protecting wealth at any stage of life.
If benefits packages are to meet the individual needs of today’s multi-generational workforce, employers need to protect core benefits while offering flexibility and choice. Today’s employment deal will need to evolve to encompass a broader range of employee benefits, including voluntary as well as workplace perks. Download the flyer for details.
To learn more about Reliance Standard’s integrated and flexible group voluntary benefits and services, check out their microsite. For articles on topics such as “Growth Opportunities in The Voluntary Insurance Market” and “Why Small Businesses Should Offer Voluntary Benefits,” visit the Reliance Standard Knowledge Center.
Contact the small group experts at 800.696.4543 or firstname.lastname@example.org.
*Willis Towers Watson’s 2019/2020 Benefit Trends survey.