Voluntary Benefits for the Multi-generational Workforce

T H E M U L T I - G E N E R A T I O N A L WO R K F O R C E

S O C I E T A L T R E N D S & V O L U N T A R Y B E N E F I T S

H OW T O L A U N C H A V O L U N T A R Y B E N E F I T S P R O G R A M

T H E R O L E O F T H E V O L U N T A R Y B E N E F I T S C O N S U L T A N T

2. Offer Voluntary Benefits based on what you know about your competitors. Voluntary Benefits can help differentiate your organization among your competitors. Begin by benchmarking the benefits offered by other employers in your industry and geographic region. This process will help you compete for and retain quality employees. Your Voluntary Benefits should fall in line with those offered by your competitors or even be enhanced to allow you to hire the top talent and get a leg up on your competitors. 3. Management buy-in and commitment is critical. Buy-in from the top of your organization will go a long way to ensure that the Voluntary Benefits program you provide is considered by employees in light of their own needs and personal situations. Your executives, department heads and line supervisors can be great advocates for your benefits package. Help your managers understand the value of your Voluntary Benefits and encourage them to spread the word. Without buy-in from the top, a Voluntary program will likely be doomed from the start. 8 steps to a successful voluntary benefits program

8 STEPS TO A SUCCESSFUL VOLUNTARY BENEFITS PROGRAM

STEP 01 Survey your employees to identify insurance preferences.

STEP 03 Define goals and objectives; secure management’s buy-in.

STEP 02 Conduct a gap analysis to on current benefit offerings vs. competitors.

STEP 08 Complete your post-enrollment follow-up.

STEP 04 Choose carriers; set the strategy and calendarize every step.

STEP 06 Offer channel-of-choice enrollment options.

STEP 05 Conduct group and individual educational meetings.

59% of Americans don’t have enough cash to pay a $1,000 ER visit.

STEP 07 Simplify your messaging and repeat it often.

- Bankrate.com, “MoneyPulse Survey”

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