Q: How do I know if voluntary benefits are right for my organization?

A. Voluntary benefits have been a growing trend for the past 15 years because this type of benefit offers added financial security to employees and enhances their existing benefits package with no direct costs incurred by employers.

There isn’t a “One Size Fits All” approach to introducing voluntary benefits. At The Graham Company, we conduct a process known as an Employee Benefit Assessment that takes a 360 degree look at a client’s benefits package to make the most strategic recommendations. Based on the process’ key findings, we are able to determine what enhancements to your existing benefits package would be the most attractive and valuable to employees. For example, if you offer a High Deductible Medical Plan, you may decide to offer a voluntary plan that helps employees offset their out-of-pocket expenses.

Voluntary benefits can be an effective tool for attracting and retaining employees that don’t qualify for your core package, for example, part-time employees. Through comprehensive voluntary benefit products and services, employees can gain access to enhanced coverage that your company might not be able to afford, such as short-term disability, life and accident insurance. Voluntary benefits can also extend your core package’s coverage. Employees like voluntary benefits because they can select benefits that meet their individual needs and are eligible to continue receiving these benefits beyond their tenure at your company.

Q. How do I determine the right carriers for voluntary benefits?

A. The best practice is to rely on the expertise of your broker when choosing an insurance carrier. We pride ourselves on only working with A-rated carriers that meet or exceed our expectations in terms of reputation, brand recognition, pricing, value, diversity of products and services and an easy enrollment process to ensure that everything is aligned with a client’s strategy. Finding carriers with a record of experience in providing voluntary benefits is key. To ensure your employees are satisfied with their coverage, you’ll want to align with a carrier that provides exceptional service.

To learn more about the Employee Benefit Assessment Process at The Graham Company and to discover how voluntary benefits may enhance your benefits package, please contact Jim Miller, Employee Benefits Consultant at The Graham Company, at jmiller@grahamco.com or 215.701.5296.