Voluntary benefits are a win-win. They save employees money on coverages they need. And they help employers retain quality workers, as a crucial retention tool. They allow employees to pick and choose the products that are most important for their family and tailor their benefits package to better meet their individual needs.
Here’s what the experts at LifeHealthPro predict will happen with voluntary benefits in the coming year.
- They’ll become even more customized. Carriers, brokers, and business owners already look at a variety of demographics to study which benefits employees are choosing and why. In the future, they’ll start to look at factors beyond your usual characteristics like age and gender, including factors such as housing patterns and lifestyle.
- Financial wellness will become increasingly important. As financial issues continue to play a key role in individuals’ overall wellbeing, voluntary benefits will begin to include offerings such as financial counseling, employee purchase programs, and even loans.
- Fitness trackers won’t be going away anytime soon. Many companies have begun to use wearable devices as part of their wellness programs, and that trend is expected to continue. Many companies have started allowing payroll deductions to help pay for these devices.
- Data analysis will shape which benefits are offered and how. Since today’s work force isn’t looking for a one-size-fits-all approach to their benefits, many companies are using analytics to figure out what benefits their employees want, as well as how they want to learn about and enroll in them.
- Leveraging technology in the enrollment process helps increase employee engagement. Technology advancements, such as benefit portals and online enrollment, provide a number of benefits for both employers and employees. They make accessing and changing benefits simpler. They also cut down on paperwork and help simplify administration of benefits for employers.
You now have some time to think about these trends before benefit enrollment season rolls around again. Contact Sequoyah Group today if we can help make next year’s process smoother for you!