March 6, 2019 | By BenefitsPRO Editors
Have you heard about the labor market? It’s hot, and employers are struggling to attract and keep top talent. This past year saw a significant change in employers’ benefits strategies, as their top priority shifted from controlling costs to competing for talent.
Health insurance, paid time off and flex scheduling continue to be major draws for candidates, but employers are also sweetening the pot with an array of voluntary benefits. The cherry on top might be the ease of access and use of these benefits, making a good benefits administration platform a must.
As you work with employers to help them expand their offerings and put together a best-in-class benefits plan, here are 10 tips to keep in mind.
1. The most successful brokers have long ago cast aside the assumption that employers are not interested in voluntary and have been tirelessly working to understand and align themselves towards employers’ most pressing voluntary-oriented needs. — Bonnie Brazzell, Eastbridge Consulting Group
2. K.I.S.S. (Keep It Simple, Stupid): Negotiate high guaranteed-issue amounts for voluntary benefits. Then, limit choice to those G.I. options. Employees want simplicity in enrolling and employers want a streamlined process. — Kevin Kennedy, TriBen Insurance
3. When voluntary benefit programs are positioned as an integral part of the employee benefit experience, employees are more likely to understand the value. Communicate that voluntary benefits can be an integral part of a “total rewards package.” — Peter Marcia, YouDecide