The disruption brought about by technology has also seeped through the workplace. Employees now want the same level of customization in a comprehensive benefits package offered as part of their job. Given that voluntary benefits don’t really take too much of a toll on the bottom line of a business, a slew of voluntary benefits are now being offered by employers, these can range from pet insurance all the way to financial security.
For now these are the top 4 voluntary benefits which are commonly offered by most employers:
Pet insurance
The younger generation will adopt a four legged creature at some point in their lives. What better way to appeal directly to the heart of these highly talented professionals than to introduce a pet insurance plan to the benefits lineup?
According to a survey conducted by the Society for Human Resource Management, almost 10% of companies in the US are now offering pet health insurance as a voluntary benefit. The close emotional bond which employees have with their pets makes the creatures more than just another addition to the household furniture. It can be rightly said that pets have become an extension of the family. Pet insurance allows employers to protect this bond while positively influencing the employee retention rate of their company.
Accident insurance
Although the traditional health plan includes medical, life and disability insurance, it omits health hazards which are a consequence of accidents. It makes sense to offer accident insurance, and not just as a dogged fourth wheel either. Most employees live paycheck to paycheck and struggle financially, so in the event of an emergency can barely produce $400 or $500 lump sum amount, their accident insurance can bail them out from a financially risky situation in their life.
Life happens sometimes and accidents occur to just about everyone regardless of how careful they were, not everything has to go exactly as we planned.
Where will all the workers go in the event of an emergency which is beyond what they can financially control? Accident insurance provides a means of filling in the gaps which are not covered by their traditional health insurance plan. It also works like a hedge for paranoid employees.
Dental hygiene
Dental costs are usually not covered by typical health insurance plans and can sometimes cost a fortune due to the substantial out of the pocket costs. Poor oral hygiene can result in heart diseases, diabetes and also negatively influences pregnancies – and all these can drive up health costs, making it financially advantageous to invest in dental hygiene insurance.
Disability insurance
Sometimes an accident or a crippling illness can result in disability which systematically prevents an employee from working for weeks. Whether the disability is temporary or permanent, if the employee is not covered under a disability insurance plan, it will cripple their expenses.
Disability insurance allows an injured, sick or pregnant employee to receive weekly paychecks until their health is restored. Employees will be more productive when they know they’ll be provided for in the event of a long term illness.
