Attracting and retaining top-notch talent is the number one reason employers provide competitive benefit packages. Interestingly, Mercer found that 89 percent of employers are now including voluntary benefits as part of their comprehensive benefits offering. Simply put, employees are used to seeing these options in their new-hire paperwork, and the trend isn’t likely to change for good reason.

Voluntary insurance benefits were originally added to benefit packages as a way to fill gaps in health insurance plans. While provided by employers, they’re paid for entirely (or near entirely) by employees through payroll deduction.

Typically, life insurance, disability, dental and vision are the most common options. But competitive employers are getting creative with their suite of benefits. In fact, we’re starting to see employers offer financial planning, online education, pet insurance and other employee-requested plans. Before we talk about the benefits most requested by employees, let’s review the three reasons voluntary benefits aren’t so voluntary anymore.

What are the newest trends and most requested voluntary benefits?

Not surprisingly, employees are asking for benefits that help them better balance competitive, demanding careers with healthy, enjoyable personal lives. The best employees appreciate employers that ease that burden. But education is key for employees to really understand (and respond positively) to the value of the total benefits package. If your goal is to attract and retain the best staff, then start by asking what benefits they value most. Then consider deploying the following methods to communicate their worth:

Turnover will always be part of running a business. Fortunately, a thoughtfully designed voluntary benefits package can mitigate the loss of great employees.

Interested in adjusting your voluntary benefits package? Please talk with your PBG representative.