Which Employee Benefits Do Workers Value Most?

An improving economy has made the talent market heat up, and organizations are finding they need to look for new ways to recruit and retain high-performing employees. One of the tools many organizations use to attract high-talent candidates and hold onto their top performers is a strong benefits package. While different employees have different preferences and needs, there are some trends worth noting when it comes to the benefits employees value. This white paper will look at benefits employees tend to value most, and examine how organizations can use benefits to improve their recruiting and retention efforts. Health Insurance One of the most valued employee benefits is health insurance. “Employees value health insurance, dental and vision the most,” says Nicole Wright of Entrepreneurs Loft. Research backs that up. According to a Towers Watson survey, 46 percent of respondents said health care benefits are an important reason for deciding to work …

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How to Decide Which Voluntary Benefits to Choose This Open Enrollment Season

If your company offers a multitude of voluntary benefits options, congratulations. These offerings are a valuable benefit that can make your life easier. Still, the open enrollment process and all the paperwork that comes with it can sometimes feel like a hassle. How do you decide which benefits are worth it? Here are a few tips to help you choose the voluntary benefits that will work best for you and your family this open enrollment season. Calculate Costs and Benefits Most voluntary benefits by themselves are relatively inexpensive and are less so when you purchase them through an employer rather than on the open market. That said, anything you pay for but don’t need is a waste of money. To help you determine which benefits are smart buys for your unique needs, Aoife Quinn, founder of Quinn HR Consulting Group, suggests a two-pronged approach: Look at the services you’ve needed …

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5 Things All Employees Need to Understand About Benefits

Keeping track of what your company’s employee benefits cover and how they can work for you can be a challenge, but it is vitally important. Your employer provides benefits as part of your compensation, and if you’re not taking advantage of them, you can miss out on some important savings and coverage. Here are five things all employees need to understand about their benefits. 1. Your Health Insurance Costs You need to understand what your health insurance costs are, including how much of the premium you pay each month, any co-pay and the annual deductible, says PJ Wallin, CPA and CFP at W Financial. “Employees should know what their benefit options are, as well as for their family and who pays the costs for each. Many employers may cover a larger portion of an individual, but then subsidize less of their family.” If your employer offers a choice of different …

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How to Determine Which Voluntary Benefits to Offer

You know voluntary benefits can help boost employee satisfaction, but where should you start? Ensuring you offer the right kind of voluntary benefits will help you get the most out of the entire benefits package. These tips will put you on the path to offering voluntary benefits your employees will take advantage of — and value. Identify Gaps One of the main purposes of voluntary benefits is to provide coverage where core benefits fall short. This is seen most often in health benefits, with voluntary benefits covering costs that core benefits don’t or adding onto coverage. If you look into voluntary health benefits, ensure they fill gaps, says Darren Ambler, managing director at Insight Insurance Agency. “It is very important that employers offer voluntary benefits that complement existing programs so that no overlap occurs.” Duplication can result in offsetting benefits as opposed to enhancing them. Work With Your Vendor Your …

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