Determining What Benefits to Offer

Deciding which voluntary benefits to offer can take time – especially as the organization tries to meet the changing needs and preferences of employees. By gathering feedback from employees and examining benefits usage data, you can determine what’s important to your employees and update your voluntary benefits offerings accordingly. Doing so will help ensure that you remain competitive in the job market and meet the changing needs of your workforce. 

Following are several ways to identify what voluntary benefits your employees want and need. 

• Conduct surveys or focus groups: Start by surveying your employees or conducting focus groups to gather feedback about the types of voluntary benefits your staff would be interested in. You can do this using online surveys or paper surveys, and in-person focus groups. 
• Analyze benefits usage data: Look at your employee usage data to identify and understand which benefits are most popular among employees and which benefits are underutilized. This will allow you to determine which benefits to continue offering and which ones it would be wise to add or replace. 
• Use benchmarking data: Benchmarking data can help you understand the voluntary benefits other employers in your industry or region typically offer. This step is an excellent way to identify trends and determine which benefits are most attractive and compelling to make sure your organization is attractive to employees, both current and potential. 
• Seek input from benefits providers: Employers can work with benefits providers to understand the latest trends and offerings in the voluntary benefits space. Partner marketplaces are an ideal option for simplifying the process of provider evaluation. 

PlanSource offers one such option in the PlanSource Partner Marketplace, a curated list of strategic marketplace partnerships to provide a seamless experience across the entire HR tech ecosystem and including benefit offerings such as mental health, women’s health, financial and lifestyle benefits. As you determine the types of voluntary and lifestyle benefits that would best suit your employees’ needs, leveraging the above methods can help you gather valuable feedback and data. 

As you determine the types of voluntary and lifestyle benefits that would best suit your employees’ needs, leveraging the above methods can help you gather valuable feedback and data. 

Voluntary benefits enrollment best practices 

For employees to understand their options and actively enroll in the right benefits package, it’s important that you provide clear communication, making sure everyone has access to the information they need. Implementing these best practices can help ensure you have a successful voluntary benefits enrollment: 

• Provide education: Offer employees educational materials with detailed information about voluntary benefits and the enrollment process, so they can make informed decisions. Employees should also be able to access this information online or over the phone if needed. 
• Set deadlines: Establish specific deadlines to enroll in voluntary benefits; make sure that all eligible employees have ample time to review their options and make an informed decision. 
• Offer incentives: Employers should consider offering incentives for employees who enroll in voluntary benefits, such as discounts on premiums or access to additional coverage options. 
• Track participation: Be sure to track employee participation and engagement throughout the enrollment process to ensure that all eligible employees are participating in the program. 
• Monitor enrollment: Track voluntary benefits enrollment to ensure that employees are taking advantage of the options available to them and to identify any issues or problems with the process. 

Including voluntary benefits in your active enrollment is an important tool for employers who want to provide their employees with a comprehensive and tailored benefits package. However, addressing all the moving parts and pieces including managing employee participation and enrollment, ensuring compliance with laws and regulations, managing the costs of voluntary benefits, assessing employee needs and preferences, choosing the right voluntary benefits to offer, and communicating the availability and details of voluntary benefits to employees can be a heavy lift. That’s why some organizations take advantage of employee benefits outsourcing platforms and software to help.