Building a successful business requires more than just generating enough revenue. As important as your balance sheets are, the real heart of your company is in its human resources. “Human” is the keyword in that last sentence. Meanwhile, it’s easy to think that voluntary benefits are an unnecessary expense. That’s because there exists a false equivalency between “voluntary” and “frivolous.” In reality, though, the careful selection and deployment of voluntary benefits can help your organization continue to flourish.
Voluntary Benefits Count as Supplemental Insurance
The benchmarking technique can help you evaluate how effective the “core benefits” that you offer are. Plus, it aligns with the results you can expect from surveying employees. How do they feel about the way they are being compensated for their hard work? Does your business need to do better? These questions are relevant enough to how society operates these days that voluntary benefits could be more indispensable than you might have believed in the past.
Your Team Is Likely Multigenerational
The workplace is constantly changing. As such, the composition of your team is going to evolve. Your business relies on the life experiences and skills of its multigenerational workforce. The unique family structure that forms around this bond also means that your workers will be at different stages in their careers. Some senior executives could be reaching retirement age while entry-level workers are advancing into mid-level management positions.
Financial Wellness Initiatives Can Reduce Related Struggles
Financial stability and wellness can be difficult to maintain. It is undeniable that the COVID-19 pandemic remains a crisis. Even though vaccinations are becoming more widespread, everyone in your agency needs to know that they won’t lose their income stream if rendered incapable of working. That’s why voluntary benefits have become even more important – to stave off or mitigate the effects of potential poverty. It’s an unfortunate reality that many ordinary workers are living from paycheck to paycheck. One unexpected medical bill due to high deductibles can be just as ruinous as a car accident that disables their only reliable means of transportation.
It Ultimately Saves You Money
In the end, you need to acknowledge that voluntary benefits pay dividends. They will save money, which means that the company’s bottom line won’t suffer. Premiums and funding options will differ by provider and plan structure. Either way, the divide comes down to 100% employer-paid, 100% employee paid, or somewhere in between. There’s no question that these benefits are supremely popular with your employees!
A Customer Testimonial
Now we’d like to share another customer testimonial with you. Jessica Connors, an employee of the Baltimore County government, required our assistance. Her insurance claim went smoothly, thanks to the prompt response by our in-house team. According to her, we “did a great job sorting thru my health records to submit Aflac claims.” Well done, everyone!
Get Your Voluntary, Supplemental, and Health Insurance Policies with the MWE Partnership!
Are you a business looking to provide your employees with essential voluntary benefits? If so, look no further than The MWE Partnership. When you choose The MWE Partnership, you get experienced service and comprehensive voluntary benefit options that will meet all your employees’ needs. With over 17 years of experience, The MWE Partnership is your one-stop shop for all your supplemental benefit needs. If you are interested in finding out how The MWE Partnership can help your business, contact us today! We encourage you to like our Facebook page and follow us on Twitter and LinkedIn for all the latest voluntary benefit news!