How Voluntary Benefits Can Improve Employees’ Financial Wellness

By May 13, 2020 No Comments

Running a business can be a rewarding experience, however, it may come with many responsibilities as well. This can be especially true when it comes to helping to support and encourage your employees. Because the success and happiness of your employees can often directly affect your company, making sure you help to provide them with the tools they need to get ahead in life can be a beneficial move for both you and them.

The Stressors Employees Face

Even though the economy has improved, the reality is that many employees are still struggling. Many may even be living paycheck to paycheck. This kind of financial strain can add stress to an employee’s life and could ultimately affect their job performance. Not only that, but an employee that is struggling to maintain financial wellness at your company may begin to look elsewhere for a workplace that is more supportive of them. Sometimes an employee may leave a job for another one that offers a similar wage, simply because the benefits they offer are more suited to their needs.

The Importance of Providing Employees With Options

One way that you can help to support your employees and ensure that their needs are being met is by offering a variety of voluntary benefits. Voluntary benefits come in all shapes and sizes, but they are all built to insulate your employees if they face something unexpected from life.  Those unexpected events could wreak havoc on employees that are living paycheck to paycheck.  One common kind of voluntary benefit is short term disability insurance.  This type of insurance helps provide income to employees who may fall ill or have an injury that prevents them from working for a certain period of time.  Voluntary benefits such as cancer or critical illness insurance help cushion the costs that are certain to come outside of what medical insurance covers for people that suffer from cancer, heart disease or other covered illnesses.   Finally, some non-traditional voluntary benefits such as financial wellness benefits that include services such as financial coaching, online financial support tools, and free online financial wellness seminars are great additions to any benefits program.

The Bottom Line

When you’re running a business, there can be many things to keep track of, and one of these things is often making sure that your employees feel supported. Employee satisfaction can not only help to improve office morale, but it can have an impact on productivity and other areas of the business as well.

Although it may not always be clear what the best way to look out for your employees is, by taking some time and doing your research you can help to build plans that can be good for both your employees and your business.

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