When it comes to voluntary benefits, employers are more employee focused, as opposed to cost driven. The second in a series of research briefs from Prudential’s "Sixth Annual Study of Employee Benefits: Today & Beyond" found that 75 percent of employers report their top reason for offering voluntary benefits is to expand the benefits options available to their employees, with 42 percent offering voluntary benefits to fulfill an employee need, and 30 percent offering them at their employees’ requests.
Voluntary benefits are optional programs that are made available at the workplace and 100 percent paid for by employees. Eighty-five percent of employers say they offer one or more voluntary benefits including life insurance (63 percent), disability insurance (56 percent), and dental insurance (52 percent). Ranking lower on their priority list were critical illness insurance (35 percent) and long-term care insurance (33 percent).
The study also found similarities between voluntary benefits offerings and employee satisfaction. For employers, employee satisfaction is the top gauge of success (47 percent) followed by achieving a certain set participation rate (34 percent).
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