BenefitsPro: 83% of employees want and would fully pay for voluntary benefits
- A new BenefitsPro survey found that 83% of workers with healthcare coverage would enroll in a voluntary benefits program without expecting their employer to pay for it. Benefits Pro and an independent research firm surveyed employees at 200 companies to find out what drives their purchasing decisions.
- The survey also found that 87% of employees offered voluntary benefits felt they mattered to their employers and 62% of employees under 50 wouldn't consider working for a company that didn't offer voluntary benefits.
- Benefits Pro concluded that although voluntary benefits are costly, employees are willing to pay for them to get benefits that provide more financial security, better support for getting through a crisis or other personal needs.
The survey continues to suggest what other studies have also shown: that voluntary benefits are a win-win for employers and workers. Offering such benefits is one way for employers to defer some costs to employees but still provide the services they need.
BenefitsPro predicted in January that voluntary benefits would take center stage in 2017. Marketers say consumers in all markets like customization, which an array of benefits offers workers. Voluntary benefits are based on personal needs and lifestyles, and often are non-traditional. They range from cybersecurity insurance and financial counseling services to eldercare, tuition assistance and identity-theft protection.
Study results conclude that employers who offer voluntary benefits have a competitive advantage in talent recruitment and retention. For example, some tech companies offer infertility benefits, a non-traditional offering that many employees of child-bearing age might want. According to the Centers for Disease Control and Prevention, one in eight couples has trouble conceiving. Allied Market Research predicts that employers offering infertility coverage could see a return on their investment of 30%.
Employers may want to consider whether voluntary benefits might be a worthwhile investment for themselves and their workers.