Developing Successful Voluntary Programs to Help Retain Employees

Abstract

The popularity of voluntary benefits, which include traditional offerings such as disability insurance and dental care, as well as novel choices such as long-term care and even pet insurance, is growing rapidly. Voluntary benefits are costeffective for employers and popular with employees. The effectiveness of voluntary benefits can be maximized only if they are offered as part of a well-conceived overall program. Employers should proactively determine employees’ real needs and offer benefits they most desire; the plan should be easy to understand, convenient to enroll in and simple to use, with service provided through a single touch point; and the benefits should be portable and payable through payroll deduction. A single trusted third-party provider should be used to give benefits a consistent quality and an integrated look and feel, and the employer should support the plan from rollout to ongoing implementation. Because informed employees make informed decisions, plan information should be provided through all channels, particularly the Internet.