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

the multi-generational safety net

THE MULTI-GENERATIONAL SAFET Y NET

6 TRENDS IN VOLUNTARY BENEFIT PRODUCTS

Today’s workplace is defined by diversity. There are more single women. Same-sex marriages are becoming common. Careers may span multiple employers over the decades. Employees want their health and welfare benefits to reflect their lives and address their needs; they want customized benefits that are portable. 14 Their desires represent new realities for employers as they design their health and welfare benefits programs. To manage a multi-generational workforce, it’s important to view employees as individuals with specific needs. The one-size-fits-all group benefits model with medical, prescription, dental, vision and a retirement plan is so 2010. The traditional approach to benefit plan design is no longer adequate to address the needs of a diverse, multi-generational workforce. Workers want benefit options that address what matters to them most. Fortunately, today’s Voluntary

OTHER POPULAR VOLUNTARY BENEFITS

Benefits are vastly different from even a few years ago as carriers respond to societal trends and generational requirements. Voluntary Benefits are typically employee-paid, enabling employers to add high-value coverages at relatively low or no cost. Voluntary Benefits: QQ Help employees address financial challenges at different stages of life QQ Provide employees with a guaranteed acceptance component QQ Deliver higher benefit maximums and preferential group pricing through carrier risk-pooling QQ Ease administration on the HR staff via automatic payroll deduction, credit card payment and other functions

Industry best practices dictate that a Voluntary Benefits program offer a suite of products to fit corresponding generational needs. In addition to Accident Insurance, Critical Illness, Hospital Confinement and Medical Bridge policies, employees may want Pre-paid Legal, Identity Theft, Pet Insurance and now, Student Loan Repayment Assistance. A thoughtfully designed Voluntary Benefits program will offer choice, flexibility and customization to accommodate the needs of a multi-generation workplace. Additionally, the improving economy has triggered worker demand for benefits that include expanded health, welfare, lifestyle and financial products. According to a BenefitsPRO survey, 83% of employees want and would fully pay for Voluntary Benefits. 15 Three-fifths of employees say Voluntary Benefits increase the value of their company’s overall benefits program. 16 To remain competitive in today’s healthier economic climate, employers are designing benefit plans with Voluntary products that protect employees of all ages. Voluntary Benefits create a synergistic relationship between employer and employee. Benefit programs that go beyond traditional health insurance, vision, dental, disability and retirement plans have been linked to greater recruitment and retention efforts and overall career happiness. In fact, 72% of employees surveyed agree that the ability to customize benefits increases loyalty to their employer. 17

58%

58%

of employees want customized benefit options.

of employees say they may take a job with slightly lower pay but a more robust benefits package. - Aflac, “WorkForces Report of Benefit Trends and Attitude”

- MetLife, “Annual Employee Benefits Trends Study”

14 MetLife, “15th Annual U.S. Employee Benefits Trends Study” 15 BenefitsPRO/Eastbridge, “Voluntary Benefits: 3 Key Insights on Purchasing Behavior” 16 Prudential, “Employee Benefits, Today and Beyond” 17 MetLife, “15th Annual U.S. Employee Benefits Trends Study”

6