Voluntary benefits have always been great tools for rounding off employee benefits offerings. And that value isn’t lost on employers—at least 50% offer some sort of voluntary benefits, according to an Alera Group report. Employers can expect to see voluntary benefits grow in these three key areas in 2021:
Expanded offerings such as eldercare and critical illness insurance
A focus on financial wellness, including budget counseling and financial planning
Greater customization, allowing employees to pick and choose what’s best for them
Voluntary benefits include dental, vision, critical illness, pet insurance and similar offerings that are paid for partially by employees. During the COVID-19 pandemic, having additional benefits options like these could be exactly what employees need. Specifically, these trends indicate employees want more control over the benefits that are important to them.