September 25, PM. Close extra sharing options. Latin descent girl waits in line during college graduation ceremony. She looks at camera with a big smile as she wears a black cap and gown. To help employees repay their student loan debt, some employers are helping employees pay down student loan debt through a direct payroll deduction. Others are offering a new, IRS-allowable retirement plan match swap where an employer can opt to increase its defined contribution match, enabling employees to reduce their retirement match and contribute funds to repaying student loans instead.
Interest in this benefit continues to grow. Employers looking to offer student loan debt repayment should be aware that not all platforms are created equal. Look out for high per-employee, per-month fees. A growing number of people are beginning to understand the value of long-term care insurance because they have taken care of or currently care for a friend or relative who needs round-the-clock care.
Long-term care insurance covers home or institutional care if a person is no longer able to perform at least two activities of daily living--eating, bathing, dressing, moving from a bed to a chair or using a toilet. Employees are interested in buying long-term care insurance through their employer because they can offer better rates for simplified issue plans. If you plan to offer long-term care as an employer-sponsored benefit, I recommended rolling it out with a strategic project plan and a benefit counselor or a technology platform capable of providing decision-making tools for a smooth application process.
Executive reimbursement plans Employee retention — especially executive retention — is on the minds of many employers in the midst of this thriving economy. Filling gaps in medical and prescription coverage is one way to provide executive teams with premium benefits they may be looking for. It will usually cover legal matters which include families, automobiles, civil lawsuits, real estate, and wills. Disability insurance —Employees who become disabled as a result of a covered accident or illness will have a percentage of their income covered.
Other wellness benefit ideas that employers can implement with no or little to no cost include access to gym memberships, virtual healthcare access, providing access to a rec area for employees, and more. This coverage helps employees manage their finances.
The range of topics financial counseling covers includes:. Flexible work hours —This perk allows for employees to pick and choose which time they arrive to work. It completely upends the traditional thinking.
Employees love this perk because it allows them to take care of their kids in the mornings, lets night owls sleep in, or for those who have an unexpected issue arise.
This is a valuable perk if employees are keeping up with their job requirements. Remote work opportunities —This is a benefit that allows employees to basically pick and choose where they work, whether that is at home or elsewhere. Pet Insurance — Our pets are family. This benefit helps to cover the costs of veterinary care if your pet becomes ill or injured. Employers who offer in-demand supplemental benefits see:.
Did you know that 92 percent of U. Employees view supplemental benefits as important pieces to their overall package. When they feel covered, safe, healthy, and happy they become more productive in their jobs. Overall, when employees have access to voluntary benefits, they are more confident in their financial future. Brokers offering voluntary benefits to their clients can be just what they need to meet or exceed their sales goals. As high-deductible plans are becoming more normal and more expensive, the need for flexibility in plan design makes these benefits a valuable tool for brokers.
They have greater resources and can offer more in terms of benefits and pay. Granted, there are many advantages that come with working for a small company. Greater flexibility, a more personal connection with the overall vision and operations, and more opportunity are just some of the reasons people prefer to work for a smaller company. Nonetheless, though someone may wish to work for a small company, when it comes down to it, they will often choose a larger company with larger pockets simply because they get more money and more benefits.
Managers in small organizations constantly think about ways they can recruit strong candidates. How can they sweeten their overall package? How can they wow a candidate, but not hurt their bottom line? We'll look at four reasons offering voluntary benefits can be a cost-effective solution for small businesses hoping to expand their benefits package and compete against larger employers. Voluntary benefits are paid for by the beneficiaries. That is, employers don't have to take on any additional financial burden by making them part of their overall benefits package.
From the point of view of the employer, this might be one of the most attractive aspects of voluntary benefits. There are administrative costs, but they are low.
At any rate, any administrative cost incurred through managing voluntary benefits can be offset by the payroll tax savings gained through Section of the IRS Tax Code. Nonetheless, 80 percent chose the lower salary with all the perks, Vogels reported. The startup CEO contacted some participants for more information and found that most considered salary something they spend on "boring things" like rent, bills and groceries.
On the other hand, they found the idea of not paying for things they love and use to be very appealing. Meanwhile, nearly 70 percent of workers responding to a Zenefits survey considered supplemental benefits and perks at least as important as employer-based health insurance and retirement benefits, the employee benefits platform reported last year, based on responses from employees at more than small businesses.
And more than 70 percent somewhat or strongly agreed that fringe perks would be a major consideration in evaluating future job opportunities. Employee wellness platform Wellable, in its wellness trends survey of more than 90 health insurance brokers and wellness professionals, found that nearly 70 percent of organizations plan to boost their investments in employee financial wellness programs this year, while 35 percent of employers plan to boost spending on health and well-being programs overall.
Among other programs, most employers planned to keep or boost spending on offerings related to sleep management, stress management, telemedicine, mental health, mindfulness, free healthy food and weight management.
Dinah Wisenberg Brin is a freelance reporter and writer based in Philadelphia. You may be trying to access this site from a secured browser on the server. Please enable scripts and reload this page. By Dinah Wisenberg Brin February 14, Reuse Permissions.
Image Caption. Employers in the latest survey, he said, reported offering voluntary benefits to achieve three major goals: To provide meaningful choice to their employees. To meet the needs of their diverse workforce. Whether looking at generational, cultural or economic diversity, "it's nearly impossible to meet the varied needs of each employee with a one-size-fits-all benefits plan," Hebert added.
To ensure employees' financial well-being.
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