Times are a’changing, and so are the way companies structure their benefits plans. As the workforce grows and new generations enter it, employers have realized it’s time to change the way they think about their benefits. Enter, voluntary benefits. Voluntary benefits plans are becoming increasingly popular in companies large and small, and they often vary by company. One thing that we think every company should include in their voluntary benefits plan? A perks and discounts program – and here’s why.
But first – what are voluntary benefits?
Voluntary benefits are, at the surface, exactly what they sound like. It’s a plan outside of the run-of-the-mill benefit suite, which typically includes medical and dental. Recently, employers have begun searching for ways they can engage and retain employees and many found the solution in voluntary benefits. These days, voluntary benefits plans have evolved as employers started listening to their employees and taking note of their needs to go beyond the classic plans most companies offer. Mental health and wellness plans, financial planning, and learning and development opportunities are prime examples of ways employers have adapted their voluntary benefits plans in recent years.
So, why should a perks and discounts program be a vital part of your voluntary benefits plan?
Perhaps you’ve already developed a voluntary benefits strategy for your employees that compliments your existing benefits offering. But there’s one thing you might be missing that will bring your plan to the next level. Here are three reasons why you should consider adding a perks and discounts program to your voluntary benefits plan.
According to a recent study, almost three-quarters of employees worry about their personal finances. Unfortunately, this worrying happens at work, where it can cost an employer up to $2,000 due to loss of productivity. That’s only one of several reasons why employers should include a perks and discounts program in their voluntary benefits plan.
Allows for Individualization
We know that millennials recently became the largest generation in the workforce, and Generation Z is hot on their tails as they begin to fill internships and entry-level positions. Yet many positions are still filled by Gen-Xers and Baby Boomers. This means we’ll soon have a workforce made up of four generations, all at different stages in their lives and with different financial needs. Some of your employees may be saving for short-term purchases, like groceries or a big trip. Others are thinking much longer-term: houses, family planning, and retirement are on the brain. A perks and discounts program that caters to each individual employee by offering ample amounts of discounts means no employee is left behind. Instead, they get their pick of which discounts will benefit them the most.
Attracts and Retains Talent
Unemployment has been on a steady decline, and companies feel it. They want to seek out new and unique ways to both attract and retain their talent. According to a recent Glassdoor survey, 60% of potential candidates said they strongly consider perks and benefits when considering a job offer. The same survey found 80% of employees said they would opt for additional benefits over a higher paycheck. But the traditional benefits suite won’t cut it, as it’s difficult for these types of benefits to set you apart from other companies hoping to hire or poach your talent. A voluntary benefits plan that offers extra savings opportunities for employees is ideal. It’s a unique addition to your job offer and it shows an invested interest in your employees’ financial wellbeing.
Sometimes, it seems like every element of the HR space is changing. From recruitment and hiring to the benefits you offer, it’s tough to stay current with the evolution of human resources. Let PerkSpot make it easy for you! Reach out today to find out how you can get a perks and discounts program added to your voluntary benefits plan.