What are voluntary benefits?

What are voluntary benefits and are they the perceived headache to implement?

Voluntary benefits are extra perks that employers offer to their employees, but unlike traditional benefits like health insurance or retirement plans, employees have to pay for them themselves. These benefits can include things like supplemental insurance such as dental or vision coverage, Life, Cancer, Accident and Hospital Indemnity, and Short term disability. 

Are they worth the trouble and headache to implement? Well, that depends on a few factors.

Firstly, voluntary benefits can be a great way to attract and retain top talent. Offering a variety of benefits shows that you care about your employees' well-being and can make your company stand out from the competition.

Secondly, voluntary benefits can also be cost-effective for both employers and employees. Since employees pay for these benefits themselves, it can help employers save money on traditional benefit costs while still providing valuable options for their team.

However, implementing voluntary benefits can come with its challenges. It may require additional administrative work to set up and manage these benefits, and employees may need education about the options available to them.

Overall, whether voluntary benefits are worth it depends on your company's priorities, budget, and the needs of your employees. If done thoughtfully and strategically, voluntary benefits can be a valuable addition to your overall benefits package.