Spring is in the air! And with springtime just about a month away, it’s time to start planning for Spring cleaning – that out-with-the-old, in-with-the-new activity that gives us a fresh perspective. Likewise, as a broker, it’s time to assist your clients and prospects in reviewing their voluntary benefits portfolio.
In her recent BenefitsPro.com article, Laura Kerekes discusses how employers can get strategic about their voluntary benefits. Why are voluntary benefits good for business? Kerekes says:
- Most significantly, they support employee well-being and satisfaction, which helps attract, engage and retain talent, key considerations for employers today.
- They are also cost-effective in that employees have access to vendors that offer services at reduced costs due to group underwriting.
- Voluntary benefits are also generally easier to administer, since employees can often conveniently purchase benefits through a payroll deduction and access the benefits directly with the vendor.
- For the employer, providing non-traditional benefits may be a less expensive alternative to rising health care and other traditional benefit costs.
Results from the recent Employee Benefit Research Institute’s 2015 Health and Voluntary Workplace Benefits Survey confirms that employees value voluntary benefits and feel that it is important for their employers to offer them choices in the benefit plans offered.
Encourage your clients and prospects to add new solutions like Purchasing Power that will resonate with their employees and fulfill their HR objectives at the same time. By doing this, you not only build stronger client relationships, but you will have an increased revenue stream.