- On August 15, 2016
Variety and choice can be a great formula for boosting morale. But in the benefits world, such a variation or personalization of benefits has been in the past perceived as too much work or not cost effective for the bottom line. But with a new generation of millennials emerging in the workplace, a new trend to ‘give me what I need’ is facing employers who seek to attract and retain this new crop of employees.
The traditional method of offering limited choice employee benefits and perks for everyone has become incredibly expensive, but certainly has its place. However, employers can be paying upwards of tens of thousands of dollars per year for a single traditional benefits package for an employee and his family. That’s a huge cost allocation and much of those benefits may never be used by the individual if it doesn’t apply to their situation or they find no personal value in it.
As a supplement to traditional benefits, there are creative solutions and methods whereby employees can build personalized benefits packages that meet individual needs and circumstances. Giving people the choice and ability to purchase what they need can and will make a real difference in their daily lives. And you don’t necessarily have to spend more. These options traditionally are installed as ‘voluntary’ benefits, paid by the employees.
Adoption of these ideas result in a system that promotes modernized employee benefits and perks that are truly valued by employees. A system that looks like the rest of our world (or our Amazon or Netflix recommendations)– highly personalized.
Voluntary offering trends for the future as per Willis Towers Watson P.L.C.:
Type Employers offering in 2015 Employers expected to offer in 2018
Identity Theft 35% 70%
Critical Illness 44% 73%
Student Loan Repayment 4% 26%
Pet Insurance 36% 60%
As your benefits partner, our job is to help you with your benefits experience and coverage offered to your employees. Your KTB agent and/or Account Executive are prepared to discuss your full benefits package and what offerings are the right fit for you and your employees.
By Chris Elvidge, Director of Account Management