Voluntary benefits impact on employee satisfaction

[Guest mdhart2]

Does anyone know of any studies, sources, or stats, that shows the impact of voluntary benefits on employee satisfacion, loyalty, or recruiting and retention? Thanks!

[Guest Phil Cohen]

LIMRA spends a significant amount of time putting out the results of their surveys on issues such as voluntary benefits. Many large benefit consulting organizations also put out their survey results from time to time.

In summary, voluntary benefits are overwhelmingly desired by employees. The impact the program has in the long run is dictated by the quality of the program, the education done prior to implementing ( as opposed to selling it to the ee's) and the ongoing customer service.

Be careful what voluntary benefits you offer. More is not necessarily better...

Phil Cohen

Broad Reach Benefits, Inc.

[Guest TimKaucher]

What did you find out about the effects of voluntary benefits on employees? Also, where is that accessible?

Sincerely,

Tim Kaucher

www.timkaucher.com

[Clarifying Health]

Here is an interesting infographic on the top 3 voluntary products in 2014:

http://www.zanebenefits.com/blog/the-top-3-voluntary-products-for-2014-infographic

According to Tower Watson, the top three voluntary products are traditional supplemental medical insurance options (vision, dental, and accident), traditional wealth (disability), and traditional security (life insurance). Emerging trends include financial counseling, one supplemental medical option (critical illness), and one security option (identity-theft protection).