6 nontraditional voluntary benefit trends to watch in 2017
Predicting or forecasting about uncertain events isn’t based on extrasensory perception or an informed guess. And it’s usually not a scientific explanation. Most of the time, predicting trends is based on experience or knowledge.
In the case of employee benefits, it’s more about understanding the industry and what the players in the industry — including the workforce, employers, brokers and providers — are saying and doing.
We’re seeing a thriving economy and positive job market right now which means attracting and retaining employees is a bigger challenge for employers than it has been in years. Today’s diverse workforce, coupled with employees’ desire to choose benefits that are important to them, means that companies are recognizing the role that nontraditional voluntary benefits can play in distinguishing their employee benefits package. There’s no doubt that traditional voluntary benefits that supplement core benefits are important. However, with a workforce dominated by millennials — who clearly want it ‘their way’ — the availability of nontraditional voluntary benefits provide a way for employers to engage employees in all generations.
What’s ahead in 2017 for nontraditional voluntary benefits? Here are the six trends I believe we will be seeing.