Has the Value of Voluntary Benefits Increased Due to the Pandemic?
According to an article published last month by SHRM, the Pandemic highlighted the value of voluntary benefits and drove many employers to offer voluntary benefits upon re-examining their benefits packages.
"To meet employee expectations and attract and retain talent, employers are offering voluntary benefits and broadening their voluntary offerings, to enable employees to create a package that works for their needs," said Kim Buckey, vice president of client services at Birmingham, Ala.-based DirectPath, a benefits education, enrollment, and health care transparency firm. She also notes that legal services and financial planning are amongst the voluntary benefits receiving increased interest.
According to findings from consultancy Willis Towers Watson, 94 percent of large employers believe that voluntary benefits will be more important to their total rewards strategy going forward, compared with 36 percent of employers who deemed them to be important in 2018.
Noted in the data, identity theft protection and group legal plans are amongst the five fastest-growing voluntary benefits. Identity theft protection plans are expected to grow to 78% in 2022 from 53% of employers currently offering them, and group legal is expected to grow to 75% in 2022 from 58%.
Lydia Jilek, senior director, voluntary benefits solutions at Willis Towers Watson, quoted in the SHRM article, "employers are supplementing existing core benefits with more personalized benefits to provide additional ways to support their employees' overall well-being and enhance the perceived value of their benefits offerings."
Legal Club offers meaningful benefits for everyday life that help employers do just that, supplement existing core benefits with more personalized benefits to help support employee's overall well-being and enhance the perceived value of the employer's benefit offerings.
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Group legal plans from Legal Club provide a wide range of free and discounted legal care, financial, tax, and identity theft benefits. Plans include access to over 85,000 online forms such as Last Will and Testament and Power of Attorney forms. To learn more about the plans offered by Legal Club, browse this website or call us at 800-305-6816.
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Meaningful Benefits for Everyday Life
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