Magazine article HRMagazine

Think outside the Box for Voluntary Benefits Options

Magazine article HRMagazine

Think outside the Box for Voluntary Benefits Options

Article excerpt

Employers have myriad options for customizing their voluntary benefits programs. The list can include anything from employer-negotiated bank- ing fees and travel insurance to a dry-cleaning service and discounted days at amusement parks.

Like any benefits program, the primary purpose of voluntary add- ons is to help employers attract and retain a talented workforce. If chosen well, voluntary benefits offerings can also help organizations build their brands.

But providing too many options may overwhelm employees. Ask workers which voluntary benefits would best meet their needs or strive to address potential trouble spots. Some options include:

Nonretirement savings. If a large number of workers are taking out loans against their 401(k) plans, they may be having financial difficulties. An employer with a large proportion of middle-income employees might offer a voluntary payroll deduction savings program that allows work- ers to pay for unplanned expenses, such as new appliances or a major car repair, through paycheck deductions. …

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