The recent Recession forced human resource professionals to strike a balance between controlling costs and maintaining a robust employee benefits package. The economy is improving, but still has a way to go and with impending healthcare reform, most employers are still finding themselves caught in that same balancing act of figuring out how to afford the best rewards package they can.
The employee benefits package is more than healthcare coverage. It includes life and disability coverage, retirement plans, family leave plans, vacation time and more. While these benefits are all very important to employees, the employer’s cost of providing them each year continues to rise.
A strong employee benefits package is one of the most important ways for employers to meet recruiting and retention challenges.
As such, it has driven employers to use innovative ways to stay competitive in the battle for talent.
Adding voluntary benefits to a total rewards package, especially non-traditional voluntary benefits such as employee purchase programs, is one solution to helping organizations stand out and control costs—not to mention addressing the needs of a more diverse workforce. It’s also a benefit that can be used year-round unlike many core benefits that employees only appreciate when they are sick or injured.
As a benefits advisor, you are helping your clients meet their HR objectives by introducing Purchasing Power’s employee purchase program to them. It’s a winning solution for your client and provides a recurring revenue stream for you.