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Voluntary benefits are extra perks you can offer to your employees, often at discounted rates, as part of their overall compensation package. While these benefits are optional for employees, many find them highly attractive. If they choose to participate, the cost is typically shared between you and the employee, with their portion conveniently deducted from their paycheck. It’s a great way to enhance your offerings without significantly increasing costs.
Voluntary benefits usually fall into four main categories: health and wellness, security, personal perks, and financial wellness. The options within each category are vast, but to give you a better idea, here’s a quick snapshot of some popular voluntary benefits from each category.
Health and Wellness
– Dental Insurance
– Vision Insurance
– Pet Insurance
– Accident Plan
– Critical Illness
– Hospital Indemnity
– Short and Long-Term Disability
– Gym Membership
Financial Wellness
– 401 (k) Retirement Savings Plan
– Life Insurance and Accidental Death
– Flexible Spending Accounts
Security
– Identity Theft Protection
Personal Perks
– Remote Work Arrangements
– Legal Services
– Employee Perks Program
– Employee Assistance Program (EAP)
Some voluntary benefits, like offering a 401(k), are considered table stakes, while others, such as pet insurance, might be seen as extra perks. So, how can employers combine both types to create a well-rounded benefits package? Here are a few tips:
Don’t let your voluntary benefits lurk in the shadows! If employees can’t see them, they can’t use them. Boost your participation rates by making these perks widely known:
Equip your HR team with knowledge about all employer-sponsored benefits, whether they manage them directly or not. This comprehensive understanding isn’t just about ticking boxes—it’s about unlocking knowledge.
When your HR team is well-versed in every perk, they become go-to problem solvers for curious employees and can guide staff in maximizing their benefits package.
Managing payroll and benefits doesn’t have to be a complex juggling act. Many employers are finding a simpler way forward by partnering with HR service providers like Obsidian HR.
These partnerships offer key advantages like:
– Integration of payroll and benefits systems into a unified platform
– Automatic deduction of employee contributions from paychecks
– Reduction of manual processes and potential errors
The result is a more efficient operation that benefits both employers and employees. Your staff enjoys a smoother experience with their benefits while you gain back valuable time to focus on core business priorities.
Voluntary benefits create a win-win situation for both employers and employees, enhancing the overall workplace experience without significantly increasing costs. For employers, offering a broad range of voluntary benefits can be valuable in attracting and retaining top talent. It allows them to stand out in a competitive job market, offering perks that improve employee satisfaction and loyalty. Moreover, since these benefits are often employee-funded, companies can offer more without the expense of fully covering them. Additionally, with the rise of multi-generational teams, having flexible benefit options means employers can cater to different employee needs and preferences, boosting engagement and morale.
From the employee perspective, voluntary benefits provide access to services and protections that might otherwise be financially out of reach. Employees can pick and choose benefits that best fit their lifestyle and financial situation, giving them greater control over their personal and financial well-being. This flexibility empowers employees to protect themselves and their families with minimal effort, often at discounted group rates.
– Attract and retain top talent
– Increase employee satisfaction and loyalty
– Offer diverse benefits without significant costs
– Appeal to multi-generational workforces
– Access to valuable services and protections at reduced rates
– Flexibility to choose benefits that fit their unique needs
– Improved financial and personal well-being
– Convenience of payroll-deducted contributions
This mutual benefit fosters a positive workplace environment, helping businesses thrive while supporting employees in meaningful ways.
When you partner with an HR provider like Obsidian HR, you don’t just gain access to high-quality health plans at competitive rates—you also tap into a broad range of voluntary benefits that help you attract and retain top talent.
At Obsidian HR, we offer a wide selection of voluntary benefits, from retirement plans and student loan repayment programs to benefits that support your team’s health, financial well-being, and overall lifestyle.
Along with top-tier benefits, you’ll receive expert guidance from local professionals who are passionate about helping employers and their teams thrive in Colorado. Let us know what you need, and we’ll show you how we can help!
Want to learn more? Download our eBook: How To Build Better Benefits
