How To Give Your Employees What They Really Want (Hint: It's Not A Raise)

How To Give Your Employees What They Really Want (Hint: It's Not A Raise)

17 September, 2022
Liam O’Brien
President of PCFG Insurance

In today’s competitive job market, companies are always looking for new ways to attract and retain top talent. And while offering a competitive salary is always going to be important, it’s not the only thing that employees care about. In fact, according to a recent survey by the Society for Human Resource Management, employees said that they would rather have more benefits than a pay raise.

 

So, what are some benefits that employees value? Wellness programs, flexible work schedules, and voluntary benefits are all high on the list. Luckily, implementing a wellness program or offering voluntary benefits doesn’t have to break the bank. In fact, these types of benefits can actually save your company money in the long run.

Voluntary Benefits vs. Traditional Benefits

Voluntary benefits are additional benefit options that employees can choose to enroll in at their own expense. Some popular voluntary benefit options include pet insurance, identity theft protection, legal services, and cancer insurance. Voluntary benefits are a great way to give your employees more control over their benefits package and allow them to choose the coverage that best suits their needs. And because employees are paying for these benefits themselves, they tend to be very cost-effective for employers.

Traditional benefits, on the other hand, are typically offered by employers at no cost to employees. Health insurance, dental insurance, and 401(k) plans are all examples of traditional benefits. While these types of benefits are still very important, they can be more expensive for employers to provide.

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Man in Black Suit Jacket Sitting Beside Woman in Brown Coat

Why Voluntary Benefits are Important

Offering voluntary benefits is a great way to show your employees that you care about their well-being and that you’re willing to invest in their future. Not only that but offering voluntary benefits can also help you attract and retain top talent. In today’s competitive job market, employees are looking for companies that offer a comprehensive benefits package. By offering voluntary benefits, you’ll be able to differentiate your company from the competition and show your employees that you’re committed to their success.

Why Voluntary Benefits are Important

Offering voluntary benefits is a great way to show your employees that you care about their well-being and that you’re willing to invest in their future. Not only that but offering voluntary benefits can also help you attract and retain top talent. In today’s competitive job market, employees are looking for companies that offer a comprehensive benefits package. By offering voluntary benefits, you’ll be able to differentiate your company from the competition and show your employees that you’re committed to their success.

Man in Black Suit Jacket Sitting Beside Woman in Brown Coat

How to Implement a Voluntary Benefits Program

If you’re interested in offering voluntary benefits, there are a few things you’ll need to do. First, you’ll need to choose the right provider. There are a lot of different companies that offer voluntary benefits, so it’s important to do your research and find one that meets your needs.

Once you’ve chosen a provider, you’ll need to decide which benefits you want to offer. As we mentioned before, some popular voluntary benefits include pet insurance, identity theft protection, legal services, and cancer insurance. But there are many other options available, so take some time to explore all of your options and choose the ones that you think will be the most valuable to your employees.

Finally, you’ll need to communicate your voluntary benefits program to your employees. Make sure to let them know what benefits are available and how they can sign up. You can do this by sending out an email, holding a meeting, or posting information on your company’s intranet site.

By following these steps, you’ll be well on your way to offering a voluntary benefits program that your employees will love. So, what are you waiting for? Get started today!

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Traditional employer-sponsored benefits, on the other hand, are offered at no cost to employees. These benefits are typically required by law (e.g., workers’ compensation and unemployment insurance) or offered as part of a negotiated labor agreement (e.g., health insurance for union workers). While traditional benefits are important and do have their place, they can be quite costly for employers. In fact, the cost of traditional benefits has been on the rise in recent years due largely to rising healthcare costs, but one way to offset the cost of traditional benefits is to offer voluntary benefits.

Implementing A Wellness Program

Offering a wellness program is another great way to give your employees what they want without breaking the bank. Wellness programs promote healthy lifestyle choices and can help prevent chronic diseases such as heart disease, stroke, and diabetes. Not only do wellness programs improve the health of your employees, but they can also save your company money by reducing healthcare costs. In fact, studies have shown that every $1 invested in a wellness program can save your company $3 in healthcare costs. Because of IRS codes 104(a)(3), 105(b), and 106(a), 213(d) a qualified wellness program can be implemented to use payroll taxes to pay for voluntary benefits, which in turn reduces the employee taxable income. Because the employee’s taxable income is reduced, the employer’s payroll tax burden is also reduced, saving the company 7.64% in FICA tax.

There are a variety of ways to implement a wellness program. You can offer fitness classes, provide access to a gym or fitness center, give employees discounts on health club memberships, or organize company-wide events such as 5K races or community service projects. You can also promote healthy lifestyle choices by offering incentives for employees who quit smoking, lose weight, or make other positive changes.

Another simpler way to offer a wellness program is by utilizing technology to help track progress and ensure compliance. Healthtech companies like Bonum Health provide a mobile-friendly platform where users can take part in a variety of wellness activities to meet IRS requirements.

No matter how you choose to implement it, a wellness program is a great way to show your employees that you care about their health and well-being. And because it can help reduce healthcare costs, it’s a win-win for both your employees and your bottom line.

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Giving your employees what they want doesn’t have to be expensive or difficult. By offering voluntary benefits and implementing a wellness program, you can give your employees the advantages they’re looking for without increasing your company’s operational budget. So why not give it a try? Your employees will thank you for it—and so will your bottom line.

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