The modern labor market is competitive and dynamic. As an employer, you should know that maintaining a productive and qualified workforce is essential for your current operations and future growth. Fortunately, voluntary benefits can provide your employees with the means of maintaining their health and wellness while positively impacting your organization’s attraction and retention efforts.
What Are Voluntary Employee Benefits?
As their name suggests, voluntary benefits are a subset of employee benefits that provide your workers with various options from which they may elect various perks and incentives. These offerings, also known as worksite benefits, are generally optional and paid for at least partially by employees. However, by accessing these programs through your workplace, participants may be able to save by paying lower rates.
Although voluntary benefits come in many forms, some of the most common options made available by employers may include the following:
- Life insurance
- Critical illness insurance
- Accident insurance
- Hospital indemnity insurance
- Disability insurance
- Vision insurance
- Dental insurance
- Financial planning services
- Health and wellness reimbursement programs (e.g., gym memberships)
- Identity theft insurance
- Pet insurance
To maximize the effectiveness of your voluntary benefits portfolio, you may want to survey your workforce directly. By polling your employees, you can ensure your offerings are attractive and valuable.
What Are the Advantages of Offering Voluntary Benefits?
By providing your employees with an optimal collection of voluntary benefits, you can improve their lives and your workplace culture. Specifically, a well-planned voluntary benefits portfolio may garner the following advantages:
- Improved employee health—By providing employees with additional wellness solutions beyond basic health insurance, they may be able to access a wider array of services.
- Reduced worker stress levels—Employees who have the means of caring and providing for their families, such as through additional insurance coverage or financial planning services, may better maintain their focus at work.
- Better attraction and retention—Your organization may be more appealing to top candidates searching for employment if you offer an appealing collection of voluntary benefits. Similarly, your current employees may be less likely to seek other opportunities if they enjoy their benefits.
- Cost-effective solutions—Employees are generally responsible for paying for their voluntary benefits and can elect as many (or few) as they like. This helps to maximize return on investment and provides your organization with opportunities to enhance its benefits portfolio while limiting cost increases.
Build the Right Benefits Portfolio
At Laymon Group Benefit Consulting, our agents are well-equipped with specialized experience in optimizing employee benefits. Our dedicated staff will draw on its collective knowledge to assess your organization’s circumstances, explore options and assemble an ideal collection of voluntary benefits. Visit our website or call 800-467-2259 to get started today.
What Are HR Support Tools and Services?
HR support tools and services provide your organization and its HR employees with opportunities to improve various processes. These workplace enhancements may come in the form of software, portals or applications capable of automating and optimizing tasks that may have otherwise taken up valuable time and resources. In addition to streamlining day-to-day operations, HR advancements may help your company manage various trends and changes, such as the rising popularity of remote and hybrid work arrangements.
What Improvements Can HR Support Tools and Services Make?
Your HR team is responsible for some of the most critical processes within your organization. Even slight oversights or isolated incidents can cause significant disruptions and delays across your company. Furthermore, your other employees may rely on their HR colleagues to be orderly and reliable, meaning that inefficiencies and errors could affect workplace morale and culture.
Given these stakes, the potential advantages of effectively using HR support tools and services may prove to be an invaluable investment. In addition to streamlining day-to-day functions, these products may specifically enhance and optimize the following key processes:
- Recruitment—HR tools may make recruiting more efficient, such as by providing automated answers to applicants’ preliminary questions, suggesting effective interview questions and screening resumes.
- Onboarding—HR services may streamline the onboarding process, including delivering hiring paperwork electronically and providing general information about your organization’s policies.
- Learning and development—These resources may help your organization identify skill gaps and conduct regular performance reviews. Many HR tools and services may include learning management systems, training courses and educational opportunities.
- Collecting feedback—HR tools may help your team regularly gauge employee engagement and satisfaction, thus allowing you opportunities to improve the workplace experience and increase retention.
- Managing issues—Some HR services, such as a client portal and HR hotline, may provide employees with convenient means of accessing information, asking questions or voicing concerns.
Make the Most of Our HR Offerings
At the Laymon Group Benefit Consulting, we offer cutting-edge services and pair them with the flexibility to provide customized solutions for your organization. We offer exciting HR support tools and services capable of helping your HR team optimize its operations and maximize its potential. Visit our website or call 800-467-2259 to get started today.