Attracting and Retaining Employees in Today’s Job Market with Voluntary Benefits

engaged-employee-meeting

The job market has gone through a rollercoaster in the past year and a half and right now it is moving faster than ever. We’re experiencing what’s being named “The Great Resignation,” where many people are leaving their jobs in search of more flexibility and better perks -- a movement that can be attributed to employees’ experiences during COVID-19.

In order to attract -- and retain -- top talent in today’s job market, organizations need to lean on their voluntary benefits. Going above and beyond standard benefit offerings will catch the attention of job seekers and engage current employees, which is the perfect combination for a productive and happy team.

Voluntary, but necessary

The COVID-19 pandemic changed priorities for most Americans, with flexibility, financial security and protection from unexpected healthcare bills being the top. Both job-seekers and current employees are looking to close gaps in coverage and mitigate areas of risk in their lives.

Voluntary benefits not only cover areas of concern for employees, but they are also affordable for organizations that may not have a lot of room to expand their benefits budget. With these key voluntary benefits, you can work with employees to tailor a package to meet their needs:

Flexible Spending Account (FSA) -  An FSA makes healthcare affordable for employees by better preparing them for health-related costs not covered by insurance. An FSA gives both employers and employees tax savings, while freeing employees from the burden of large unexpected health costs.

Health Savings Account (HSA) - Similar to an FSA, an HSA provides a way for employees to be prepared for unexpected costs with tax benefits for employers too. But the HSA takes financial preparation to the next level by providing investment opportunities for dedicated funds. HSAs are a great voluntary benefit for those concerned with both unexpected healthcare costs and securing finances for retirement.

Dependent Care Account (DCA) - COVID-19 not only had people concerned about how they would care for themselves, but for their loved ones and dependents. With many people prioritizing benefits that help them care for the people who matter most, a tax-free account for child and dependent adult care costs is extremely valuable.

SmartRide - Working from home partially or completely eliminated commuter costs for most people in the past year and a half, and the return to the office may be a deterrent for many. A commuter benefits option can help offset those costs. This plan gives employees money-saving options for public transportation, parking and rideshare platforms.

SimplyWell - Wellness has taken on a new meaning in the past year and a half. People are prioritizing a commitment to health and wellness cultures within a workplace; offering rewards for safe COVID-19 practices and encouraging other healthy behaviors confirms that commitment and creates a long-term plan for health and wellness improvement.

Take a simply smarter approach to voluntary benefits

It’s not enough to think only about which benefits to offer, you need to also think about how to offer them. The benefits experience is a major factor in engaging and retaining employees, as they are more likely to engage with offerings and reap their benefits if the user experience is simple.

To make the voluntary benefits experience better for both your organization and your employees, consider utilizing a suite of benefit administration programs that seamlessly tie together your offerings with a simple to use and manage platform that can be accessed from anywhere.

Contact us today to learn more about crafting a voluntary benefits package that will attract and retain employees in today's job market.

 

Sources:

https://www.benefitspro.com/2021/07/07/how-voluntary-benefits-help-attract-and-retain-employees-in-a-hot-job-market/