Let’s face it. Candidates are looking for the best possible compensation they can grab out there in the job market. If an employer wants the best people on their team, they are tasked with researching and offering above-average salaries, benefits, and a work culture that will leave them drooling.
Giving More Compensation with Low Cost Voluntary Plans
Unfortunately, not every organization has an unlimited budget when it comes to the benefits portion of compensation. Group insurance plan rates have skyrocketed, and the Affordable Care Act has placed additional responsibilities on employers. By the end of the day, there’s not a lot left for the benefits administrator to work with, outside of standard required benefit programs.
But, there is one way that any company can give their compensation offering a do-over. Voluntary employee benefits, which have emerged as the new “hero” of the insurance world, help employers bring a lot more appeal to recruitment offers. Let’s look at some of the new voluntary benefits on the scene.
Identity Theft Insurance
Stealing people’s identities is a multi-billion dollar business around the globe. Many employees therefore view having access to protection as a must-have. According to one study conducted by Javelin Strategy & Research (as featured on Bankrate.com) more than 11.6 million adults in the USA have encountered identity fraud in one form or another. Identity theft insurance costs very little in comparison to other insurance products, so it’s a valuable offer.
Most people think of their pets as part of the family, but when it comes to paying for the cost of routine and emergency treatment for pets, the burden can be astronomical. The cost of a single glaucoma surgery for a beloved pet can run as much as $5,800 and for routine diabetes care and medication, a pet owner may be looking at $10,000 or more annually, according to a list of fees provided by Trupanion pet insurance. Pet insurance gives employees and their furry friends peace of mind at very low costs.
The Towers Watson 2013 Voluntary Benefits and Services Survey indicates that this is one of the top 5 voluntary benefit plans that are in demand today. Why? Employees understand that if they get hurt either on or off the job, no one else has their back like they do. Accident insurance gives employees the ability to offset lost wages if they do get hurt for any reason, for pennies on the dollar.
Short and Long Term Disability Insurance
Along with standard Accident insurance, employees are majorly concerned with loss of income should they become sick, hurt, or unable to work stemming from a disabling condition. The Social Security Administration advises that as many as 30 percent of employed people will encounter a disability lasting three months or more at some point during their working years. Short and long term voluntary benefits are viewed as valuable to many employees.
Auto and Home Insurance
People are really catching on to the idea of “bundling” their benefit plans in order to get the services and products they want at cheaper rates. This also goes for voluntary plans that affect their daily lives, like auto and home insurance. Even renters can benefit by tapping into low cost insurance offered through employer networks.
If you want to give your compensation plan a kick in the pants, consider adding some of these voluntary benefit plans to your recruitment offers.
The first step of creating a comp plan that gets attention from talent is getting pay right. Learn how to in 5 easy steps: 5 Easy Steps to a Smart Compensation Plan.