Do you have a winning voluntary benefits strategy?

Studies have shown that voluntary benefits, and compensation continue to be the key to retaining employees. As noted by consulting firm Willis Towers Watson, voluntary benefits have historically been viewed as “something nice to offer.” Now, however, they are regarded as essential. With the workforce becoming more diverse, voluntary benefits are no longer seen as just add-ons. It’s more important than ever to have a winning voluntary benefits strategy.  At Atlantic Payroll Partners we offer a full range of benefits and are ready to help you, offer the most valuable benefits to your team.

Winning Strategy:

It’s best to start with the demographics of your workforce — that is, what your employees need or value the most.

Employee surveys are one way to obtain more specifics. For instance, surveys can help you determine whether you should offer wellness benefits, pet insurance, long-term care insurance, hospital indemnity insurance, identity theft protection or student loan assistance. Employee surveys can also help you decide which types of health insurance, investment options and flexible spending accounts to provide.

Creating a winning voluntary benefits strategy isn’t just about fulfilling employee needs.

It’s also about ensuring your benefit offerings are conducive to achieving your business goals. This is a comprehensive process that requires a collaborative effort. Smart Business Magazine suggests the following four-tiered approach:

1. Consulting. We can help you collect and analyze data on your employee population, and conduct a risk assessment.
2. Creative solutions. Based on the results of the analysis and risk assessment, we come up with solutions for the voluntary benefits program.
3. Compliance. Atlantic Payroll Partners saves you time and the headache of considering regulations pertaining to revenue Code and the Equal Employment Opportunity Commission guidelines on employee benefits.
4. Cost. By implementing steps 1, 2 and 3, you’ll be able to set realistic budget objectives, lower risk and more easily predict costs for your voluntary benefits program.

Benefits Retain Employees

Benefits retain employees. It’s important to keep an eye on what you offer compared to your competitors. In 2018 the Society for Human Resource Management surveyed employees and 29% of employees said their overall benefits package was a reason to look for a position outside of their current company. 32% of those surveyed who were unlikely to look for employment elsewhere, attributed their current benefits plan as a reason to stay. In all, over 60% of those surveyed cited benefits as a top reason to stay or leave their current position. Benefits retain employees.

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