Group & Voluntary Benefits

In today’s competitive job market, a robust package of employer sponsored benefits is more important than ever. A comprehensive employee benefits plan will enhance an organization’s appeal and ability to attract and retain employees by promoting employee health, financial well-being, job satisfaction and productivity. With these factors in mind, a comprehensive and cost appropriate package of benefits is a critical component of any successful organization.

What Is the Purpose of Employee Benefits?

Employee benefits, often referred to as group benefits, have become a crucial component of an employer’s overall compensation package. The primary purpose of these benefits is to improve job satisfaction of the workforce by offering various programs and incentives that can help them manage their health, wellness, and financial well-being.

What Kind of Employee Benefits Should You Offer?

When designing an employee benefits package, it’s important to consider the specific needs and preferences of your workforce. Employer sponsored benefits may include Life, Disability, Medical, Dental and Vision coverage. Additionally, many companies offer voluntary benefits, which allow employees to choose from a range of optional coverages. Examples of voluntary benefits include Life, Disability, Dental, Vision, Legal, Pet, Accident, Cancer, and Critical Illness coverage.

Contribution Strategies

Most often employers include a combination of employer and employee contributions to fund the premiums associated with providing benefits to their members. Employers typically negotiate and purchase insurance plans at more affordable rates than individuals. These lower costs can be shared between the employer and the member ensuring the most effective use of the employer’s funds while maximizing employee engagement and participation.