Offering voluntary benefits to your workforce can be crucial to your business’s ongoing success and pursuit of future goals. In modern workplaces, many employees may place greater value on the benefits available to them than even their direct salary or wages. With this in mind, your organization should prioritize a comprehensive understanding of implementing and offering an ideal portfolio of voluntary benefits.

What Are Voluntary Benefits?

Voluntary benefits often overlap with your company’s overall employee benefits offerings as programs and incentives that eligible members can choose to participate in. These opportunities often require employees who opt into them to contribute financially toward them, such as through paycheck deductions. However, this can still save employees money overall, as they may be able to enjoy lower rates than they might find on the open market on their own.

Voluntary benefits may offer a wide variety of opportunities and advantages, and may come in many forms. As an employer, you may wish to consider offering the following:

• Disability insurance
• Dental insurance
• Vision insurance
• Life insurance
• Educational reimbursement opportunities
• Retirement savings programs
• Health and wellness programs (e.g., yoga classes and fitness center memberships)
• Hospital indemnity insurance
• Critical illness insurance
• Pet insurance
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Why Voluntary Benefits Are Important

Offering the right selection of voluntary benefits can reap many advantages for your organization, including the following:

• Improved employee health and wellness
• Reduced workplace stress levels
• Higher employee retention rates

• Better candidate attraction
• Stronger company culture
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Are Voluntary Benefits Worth it?

Voluntary benefits can play a central role in helping your employees maintain their well-being, which can directly impact your organization’s bottom line. For example, an employee who takes advantage of a health and wellness program may be less likely to experience burnout or miss work, directly influencing productivity and your company’s bottom line. Similarly, employees who value their benefits may be less likely to seek other employment opportunities, which will help you retain top talent and avoid the costs of searching for, interviewing, and onboarding a new hire.

We’re Here to Help

If you’re an employer in the St. Louis area, contact The Meyer Group Inc. to learn more about voluntary benefits and how to ensure you offer optimal opportunities to your workforce.