Whether you’re an employer or an employee, you know that a great benefits package is a huge advantage for you. Employers who offer their employees more benefits and coverage have an advantage in hiring and retaining the most talented employees. Employees, on the other hand, want benefits to help them pay for costly medical treatments, protect them from catastrophic loss, plan for retirement, and more. But meeting everyone’s expectations and doing so within a budget can be difficult. Employers are concerned about containing the skyrocketing costs of health plans, for example, while employees want better and more flexible coverage for themselves and their families. If you’re hoping to balance the needs of the employee with those of the employer, you should look no further than group and voluntary benefits.
News reports about identity theft are almost unavoidable these days. It’s become easier than ever for cyber thieves to pose as someone else and run up huge debts, destroy credit, or spend an entire savings account. To combat the rise of these crimes, some insurance providers offering voluntary and group employee benefits are now offering policies that cover identity theft—and employers and employees are both interested.
After salaries, benefits represent the largest expenditure most businesses face. That’s why, as an employer, it’s important that you know about the advantages of group benefits and voluntary benefits—and how they can help your business.