Employers Serve Diverse Workforce With Voluntary Benefits Just For Them

March 28, 2016

According to results from the 2016 Willis Towers Watson Voluntary Benefits and Services Survey, 92% of U.S. employers believe voluntary benefits and services (VBS) will be important to the employee value proposition over the next three to five years. In addition to acknowledging the importance of voluntary benefits, employers also are adding new types to meet the needs of a more diverse, multigenerational workforce.

Examples of benefits being offered include identity theft protection, offered by 35% of respondents in 2015 and increasing to 70% in 2018; critical illness insurance, increasing from 44% to 73%; and student loan repayment programs, expected to quadruple from 4% to 26%.

The appeal of voluntary benefits is simple, said voluntary benefits leader Amy Hollis: “These programs enrich traditional benefits by offering a high level of personalization to employees while leveraging group purchasing power. Moreover, because these programs are voluntary, they add little or no cost to employers.”

Adding a benefit that does not require a significant increase in cost for employers and that offers personalized benefits attractive to a more diverse workforce is a win for everyone.

To read the press release announcing the results of this survey, click here.

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