Voluntary

How do we continue to satisfy the benefits needs of employees and meet our business objectives? The answer is actually right in front of us explains Tinker Kelly in today’s BeAdvised.

Although many companies continue to tighten their financial belts, when it comes to voluntary benefits, employers are much more employee focused, as opposed to cost driven. Seventy-five percent of employers say their top reason for offering voluntary benefits is to expand the benefits options available to their employees, with 42% offering voluntary benefits to fulfill an employee need, and 30% offering them at their employees’ request, according to a study released yesterday by Prudential.

Everyday services that help strike a better work-life balance have become an increasingly valuable part of the benefits package - even if employees are the ones who pick up the tab. But what is the best way to deliver this assistance to the workplace to ensure satisfaction and boost program utilization?

We know that HR directors, benefits managers and C-suite executives are horribly frustrated with employee benefits - not simply with the high cost of the medical, but perhaps most with their lack of control over the process.

For executives and other high net worth individuals, an emerging voluntary benefit addition is survivorship life insurance - an area benefits professionals may want to explore when crafting executive benefits packages.

Executives, business owners and other high net worth individuals are actively looking for ways to preserve their estates, not only for their family members, but also for charitable organizations.

I couldn't believe my eyes. I stood a mere three feet away from the mentalist Alain Nu, who lightly pinched the handle of the heavy, solid spoon between his thumb and fingertip. As I watched in amazement, the curved handle of the spoon . . . slowly began to . . . bend! . . . and it continued to bend . . . without Nu touching it.

Since 2008, Mass Metal in Lawrence, Kan., has helped individuals buy, hold and sell gold and silver through its online service, SilverSaver. Now the company is offering SilverSaver as a voluntary benefit program.

According to a LIMRA report released late last summer, "Voluntary Worksite Benefits: Penetration and Market Potential," almost one-third of all employers are considering offering new voluntary benefits to replace existing benefits that are paid entirely or in part by the employer.

Despite their "constantly wired" reputation, Generation Y employees don't use online resources such as forums or blogs to access voluntary benefits information any more than other workers do, according to new research. And they're significantly more likely than other workers to turn to a family member or friend for information.