Motivated by the need to meet the changing needs and lifestyles of an increasingly diverse workforce, 92 percent of U.S. employers believe voluntary benefits and services will be important to their employee value proposition over the next three to five years, according to a Willis Towers Watson survey reported in InsuranceNewsNet.com.
This is good news for brokers, as employers also reported that as cost pressures from providing traditional core benefits continue, they will be viewing voluntary benefits and services as an inexpensive way to enhance their portfolio of benefit offerings.
As voluntary benefits and services grow in popularity, the article explains, so do the types of programs offered. Employers are complementing conventional voluntary benefits with new and emerging offerings that appeal more to younger employees and that reflect changes in the types of protections employees are seeking.
The article points out that in the past, employers have focused voluntary benefits and services programs on the needs of Baby Boomers. Now employers need to attract, retain and engage Millennial employees who have very different needs and priorities. They also are beginning to recognize that helping employees with financial well-being early in their careers may contribute to a more engaged workforce.