Employers Favour Voluntary BenefitsBy Andrew Rickard | January 09 2015 08:42AM
According to a report published by industry research group LIMRA, employers “strongly support” voluntary benefits as a supplement to the coverage they offer at work.
The LIMRA report Stability in a Changing World was released on Jan. 7, and is based on a survey of 1,321 employee benefits decision makers in private companies with ten or more employees. The findings reveal that employers see more value in voluntary benefits today than they did 2010, when the job market was much slacker.
“Increased job openings and a more competitive landscape have quickly reminded employers that voluntary benefits can help keep their current staff happy and also assist with bringing more good people on board,” comments Ron Neyer, assistant research director at LIMRA Distribution Research.
The LIMRA report also says employers remain committed to sponsoring benefits for their employees, although it points out that some companies would rather move to an entirely-voluntary benefits arrangement. Almost half of all the companies surveyed expect the number of their benefits-eligible employees to increase over the next three to five years, especially at organizations with one hundred workers or more.
“I don’t see employer-sponsored benefits going away anytime soon,” concludes Neyer.