2019 Forecast: 5 Trends to Expect in Voluntary Benefits

November 27, 2018 | By Elizabeth Halkos – Purchasing Power, LLC

ATLANTA, Nov. 27, 2018 /PRNewswire/ — In today’s tight job market with employers vying to recruit and retain top talent, it’s no surprise that voluntary benefits are now a “must-have” in the employee benefits package. In addition to explosive growth in the range of available voluntary benefits in recent years, their popularity among employees is reaching new heights as well.

“Gone are the days where voluntary benefits are simply a “nice-extra” for employee benefits. In today’s modern workplace with a diverse, multigenerational workforce that has varying characteristics, lifestyles and preferences, employers can no longer provide one-size-fits-all benefits even in the voluntary arena,” said Purchasing Power® Chief Operating Officer Elizabeth Halkos. “A broad benefits package positions a business as a company that listens, cares and is worth working for. Voluntary benefits offer employees a variety of specialized benefits so they can choose the ones they want,” she added.

Whether it’s benefits that supplement their “core” benefits such as health, life and disability insurance, or the plethora of others that range from identify theft protection to pet insurance to employee purchase programs and even student loan refinancing arrangements and egg harvesting, voluntary benefits are a cost-effective method for employers to provide a broad benefits package that give employees options. “And that’s important,” Halkos continued, “because only 60 percent of employees believe their employer’s benefit plans are competitive with those offered by other organizations, according to the PwC 2018 Employee Financial Wellness Survey.”

What’s ahead in 2019 for voluntary benefits? Here are Halkos’ predictions on the trends for next year.

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