Why Voluntary Benefits Matter
Did you know that 70% of employees say they're more likely to stay with a company that offers voluntary benefits? That’s according to a study by Voya Financial, and it’s a clear sign that today’s workforce expects more than just medical coverage.
What Are Voluntary Benefits?
Voluntary benefits are insurance options that employees can choose to add onto their core benefits package - often at no direct cost to the employer. These plans help cover expenses that traditional health insurance doesn’t always pay for and are usually offered at lower group rates than employees could get on their own.
Common Voluntary Benefit Options:
Short-Term & Long-Term Disability
Voluntary Life Insurance
Dental Insurance
Vision Insurance
Critical Illness Insurance
Hospital Indemnity Insurance
These benefits offer value to both employers and employees. When thoughtfully designed, a voluntary benefits package can:
Help recruit and retain top talent
Fill gaps in your existing group health plan
Give employees the flexibility to choose coverage that fits their personal needs
2 Tips for Building a Strong Voluntary Benefits Package
1. Know Your Workforce
Before adding or expanding voluntary benefits, take time to understand your employees. Use quick surveys or engagement tools to gather feedback.
A younger female workforce? Consider short-term disability for pregnancy leave.
Offering a high-deductible health plan? Pair it with hospital indemnity or critical illness coverage.
Let your data drive the design, not guesswork.
2. Communicate Clearly (and Creatively)
Even the best benefits package won’t matter if your team doesn’t understand it. Another Voya study found that over half of millennials don’t fully understand their benefits.
To fix that, use:
Short explainer videos
Visual guides and one-pagers
Q&A sessions or benefit walkthroughs
It’s not just about offering benefits - it’s about making them accessible. Your benefit consultant should help with this, but employers play a key role too.
Bring Your Benefits Package to Life
Voluntary benefits aren’t just “nice to have”; they’re a key piece of a modern total rewards strategy. When offered and communicated effectively, they show your team that you’re invested in their well-being beyond the basics.