Page 8 - LBMAO - Reporter Jan-Feb 2023 - web optimized

Insurance UPDATE

how voluntary benefits can boost

engagement and retention

s employers struggle to fill positions and
HUB INTERNATIONAL Aemployees express dissatisfaction with their Voluntary employee benefits strategy
Employers should consider what, how and to
LIMITED jobs, voluntary benefits have an important role in whom they’ll offer voluntary benefits. Here are
supporting employee engagement and retention. things to keep in mind when assessing a voluntary
It’s clear that employers need to help energize benefits program:
and engage their workforce. With the COVID-19
pandemic reshaping the labor market, 85% of the • One size does not fit all. Personalizing benefits
global workforce are unhappy with their career is key to increasing engagement — benefits that
support from their employers and 87% think their might appeal to one group of workers may not be
employers are not listening to their needs. attractive to another group. Instead, employers
Voluntary benefits can help need to understand their employees’ wants and
bridge the gap between workers’ needs, including their career and personal goals.
"Voluntary and employers’ needs. Giving access Doing so can allow them to personalize voluntary
benefits can help to quality, vetted benefit products benefits and increase engagement.
at group rates strengthen the • Determine goals and measure to manage. Even
organizations meet employee-employer relationship: when it seems to like a good idea to offer a
employees' various 75% of employees say voluntary specific a voluntary benefit, it may not actually
benefits improved their employer’s improve recruiting and retention. Organizations
needs, improve ability to retain them. need to know how well voluntary benefits are
helping engagement and quantify their effects to
engagement and be Making a difference at low cost optimize their programs.
an attractive option Employers shying away from • Educate, educate, educate. In order for
offering voluntary benefits should voluntary benefits to make a tangible difference,
in a compensation know that the vast majority of the employees need to know they exist and how
package for most sought-after voluntary benefits to access them. Educating employees on the
are low or no-cost to the employer, advantages of voluntary benefits means more
recruiting." putting small and medium-sized than letting workers know the benefits exist:
organizations on even footing with Organizations need to educate employees — on
larger competitors. a long-term basis, not just a single message once
Trends in what people want in voluntary a year — on access, overcoming sensitivities in
benefits vary by factors like age, personal terms of costs or needs, and showing how each
circumstances and other pressures. For example, voluntary benefit will help.
financial stability is a major factor in emotional
wellness. Employers offering voluntary benefits Contact HUB International’s employee benefit
like financial assistance programs can help address specialists to learn more about how voluntary
employee wellbeing and improve engagement. benefits can recharge recruiting and retention at
And employees want such programs: Four out employers of all sizes and in all industries.
of five employees want such financial wellness
programs such as purchasing programs, low-cost
loans and debt refinancing.

8 LBMAO Reporter -January-February 2023 www.lbmao.on.ca