Today, nearly 3 in 5 employees in the American workforce participate in voluntary benefits at work. In 2010, more than $6 billion of employee money was shifted into such plans. We believe that this trend toward voluntary benefits will continue to grow as businesses struggle with increasingly costly employee benefits. For many businesses, November through January is the time for running benefits elections. This makes it the ideal time to consider new benefits to offer in addition to renewing the typical health insurance and retirement savings plans.
Benefits Selling looks at the tremendous value of offering group legal plans to employees. The article cites a 2011 Society of Human Resources Management study which identified legal services as one of the fastest growing among voluntary benefits.
The article explains the importance of legal services in today's economy. Legal issues, like the death of a spouse or relative, divorce, illness, injury, or caring for a family member are all examples of issues that can be incredibly stressful to employees. These are also the types of issues an employee with access to legal services, can consult a lawyer on.
A large Nursing Home was looking to offer additional voluntary benefits to its 427 employees to balance recent changes in their health care plan. The company had an existing voluntary benefits carrier, but was unimpressed with the overbearing approach of the sales representatives, and could no longer tolerate the lack of accountability in customer service. The nursing home?s Human Resources Department contacted us looking for an answer. Mercer1 worked with the broker to streamline the product offering to most effectively address the recent benefits plan changes, and avoid additional choices that did not provide additional value.
·Met with 75% of workforce to communicate the new health plan and supplemental offerings. · Accentuated the positives of the new plans via pre-enrollment materials, payroll stuffer, and through one-on-one interviews .Obtained high participation though our educational approach:
.89% for Identity theft & legal plans . 79% for life insurance . .41% for accident .
Provided effective solutions to the business at no additional cost to them. Improved employee satisfaction with their current benefit plan