PLANSPONSOR - April/May 2021 - 34
TOTAL BENEFITS | PARTICIPANTS
By Popular Demand
Employers up their voluntary benefits-at little cost to themselves
A
mong the countless changes to
the employer-employee relationship
wrought by the pandemic,
there has been a significant uptick in
demand for voluntary benefits through
work, and plan sponsors are moving
quickly to boost their offerings.
Aon reports a 27% increase in the
number of its clients that offered new or
additional voluntary benefits during this
past fall's open enrollment period and a
15% increase in workers eligible for them.
Especially in an uncertain economy,
employers are looking for ways to improve
their benefit offerings to employees
without a huge impact on their own
bottom line. Voluntary benefits are an
ideal solution, as, unlike health or retirement
benefits, they are typically not
employer subsidized.
" Not many employers are investing
more in their benefits, " says Tom Kelly,
principal and voluntary benefits leader in
the health practice at Buck in Chicago. " If
anything, it's going the other way, so voluntary
benefits are a creative way to bridge
that divide and to fill gaps in offerings. It
allows sponsors to balance employee needs
with more cost-effective plan offerings. "
A Competitive Advantage
While voluntary benefits cost relatively
little from the perspective of employers,
the advantages to them can be substantial.
Studies find that workers who
capitalize on holistic benefits-from
mental health offerings to financial
counseling-are more productive, more
engaged, plus have less absenteeism and
greater company loyalty.
34 PLANSPONSOR.COM April - May 2021 Art by Emine Yilmaz
One recent survey by voluntary
benefits platform Corestream found that
more than two-thirds of employees said
that voluntary benefits positively influence
their desire to work for and stay with
their employer, and nearly half of human
resource (HR) professionals said voluntary
benefits attract, and retain, new talent.
" Voluntary benefits are one of many
levers you can pull when it comes to
employee engagement, " says Corestream
Chief Operating Officer (COO) Gwen
Tormey, in Tampa, Florida. " The more
engaged an employee is, the more likely he
is to take advantage of benefits, and participate
in work events or clubs. It's part of a
broader theme, and the more engaged an
employee is with his company, the more
likely he is to stay there. " A driving factor in
the demand for voluntary benefits has been
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PLANSPONSOR - April/May 2021
Table of Contents for the Digital Edition of PLANSPONSOR - April/May 2021
Ready Solution?
Tiptop Health Savings Accounts
2021 Defined Benefit Administration Survey: Shedding Light on DB Plans
How TRO Might Benefit Plans
By Popular Demand
What's the ROI?
PLANSPONSOR - April/May 2021 - Cover1
PLANSPONSOR - April/May 2021 - Cover2
PLANSPONSOR - April/May 2021 - 1
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PLANSPONSOR - April/May 2021 - Ready Solution?
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PLANSPONSOR - April/May 2021 - Tiptop Health Savings Accounts
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PLANSPONSOR - April/May 2021 - 2021 Defined Benefit Administration Survey: Shedding Light on DB Plans
PLANSPONSOR - April/May 2021 - 29
PLANSPONSOR - April/May 2021 - 30
PLANSPONSOR - April/May 2021 - 31
PLANSPONSOR - April/May 2021 - How TRO Might Benefit Plans
PLANSPONSOR - April/May 2021 - 33
PLANSPONSOR - April/May 2021 - By Popular Demand
PLANSPONSOR - April/May 2021 - 35
PLANSPONSOR - April/May 2021 - What's the ROI?
PLANSPONSOR - April/May 2021 - 37
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PLANSPONSOR - April/May 2021 - Cover3
PLANSPONSOR - April/May 2021 - Cover4
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