As employers struggle to fill positions and employees express dissatisfaction with their jobs, voluntary benefits have an important role in supporting employee engagement and retention.

It’s clear that employers need to help energize and engage their workforce. With the COVID-19 pandemic reshaping the labor market, 85% of the global workforce are unhappy with their career support from their employers and 87% think their employers are not listening to their needs.1.

Voluntary benefits can help bridge the gap between workers’ and employers’ needs. Giving access to quality, vetted benefit products at group rates strengthen the employee-employer relationship: 75% of employees say voluntary benefits improved their employer’s ability to retain them.2

Making a difference at low cost

Employers shying away from offering voluntary benefits should know that the vast majority of the most sought-after voluntary benefits are low or no-cost to the employer, putting small and medium-sized organizations on even footing with larger competitors.

Trends in what people want in voluntary benefits vary by factors like age, personal circumstances and other pressures. For example, financial stability is a major factor in emotional wellness. Employers offering voluntary benefits like financial assistance programs can help address employee wellbeing and improve engagement.

And employees want such programs: Four out of five employees want such financial wellness programs such as purchasing programs, low-cost loans and debt refinancing.2

Voluntary employee benefits strategy

Employers should consider what, how and to whom they’ll offer voluntary benefits. Here are things to keep in mind when assessing a voluntary benefits program:

  • One size does not fit all. Personalizing benefits is key to increasing engagement — benefits that might appeal to one group of workers may not be attractive to another group. Instead, employers need to understand their employees wants and needs, including their career and personal goals. Doing so can allow them to personalize voluntary benefits and increase engagement.
  • Determine goals and measure to manage. Even when it seems to like a good idea to offer a specific a voluntary benefit, it may not actually improve recruiting and retention. Organizations need to know how well voluntary benefits are helping engagement and quantify their effects to optimize their programs.
  • Educate, educate, educate. In order for voluntary benefits to make a tangible difference, employees need to know they exist and how to access them. Educating employees on the advantages of voluntary benefits means more than letting workers know the benefits exist: Organizations need to educate employees — on a long-term basis, not just a single message once a year — on access, overcoming sensitivities in terms of costs or needs, and showing how each voluntary benefit will help.

Contact HUB International’s employee benefit specialists or learn more about voluntary benefits so you can recharge recruiting and retention at employers of all sizes and in all industries.

1 Oracle, Back in the Driver’s Seat: Employees Use Tech to Regain Control, accessed May 10, 2022.

2 BenefitsPro, “Employers respond to increased demand for voluntary benefits increases,” September 29, 2021.