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Are your top performers planning to leave your company?

Your organization can only thrive when you have top talent in your employee ranks. Holding on to your best performers may become more challenging as the economy improves and job satisfaction measures continue to decline, according to recent studies. 

A recent survey by Leadership IQ shows that 18 percent of low performers and 25 percent of average performers are on the lookout for new job opportunities-but most alarming is the statistic that 47 percent of top performers are currently job hunting. These employees represent talent you cannot afford to lose to your competition.

Employers often under-estimate the value of voluntary benefits programs in recruiting and retaining employees. Even if you already have a voluntary benefits program in place, you may be overdue for a review, especially if you've made changes to your core benefit plans.

Voluntary benefits are a powerful retention tool 

The power of voluntary benefits to attract and retain employees is surprisingly close to that of employer-paid benefits, according to MetLife's 2013 Study of Employee Benefits Trends. The study revealed that while 54 percent of survey respondents said employer-paid benefits such as life, dental and disability insurance were essential to them staying with their employer, 47 percent of respondents said voluntary life, dental and disability insurance benefits were just as important.

Voluntary benefits provide a no-cost solution to improving employee recruitment and retention, but one size does not fit all, according to Joel Davidowski, Executive Vice President, HUB International Insurance Services in California. "Your voluntary benefits program needs to be an integral part of your overall long-term benefits strategy," he said. "As you make changes to your core benefit plans, you should consider introducing voluntary plans to supplement your employer-funded benefits."

Address health care reform shortfalls 

Health Care Reform is requiring many employers to make benefit plan changes that are unpopular among employees, including medical policy elimination by carriers, smaller provider networks, and contribution adjustments, all of which are viewed as benefit takeaways.  Voluntary benefit offerings can buffer the effect of these changes and demonstrate your company's commitment to offering employees a wide array of benefit options that are tailored to their needs.   

Sending a positive message in the midst of these changes will be well-received by your employees, including lower income employees who may not actually be able to elect an "affordable" major medical plan as well as your higher paid employees who are concerned about retaining comprehensive coverage.

For example, voluntary benefits can fill the gaps created by high-deductible health plans. Some voluntary plans also include wellness components that reward employees for engaging in behaviors that support a healthy lifestyle.

"Employers who experience the highest satisfaction levels understand the diverse needs of their employees and offer solutions that meet the needs of both full-time and part-time employees," Joel said. Joel suggests limiting voluntary benefit offerings to two to three plan options in the first year and expanding it over time.

Revamping your voluntary benefits 

If you already have a voluntary benefits program in place, you may want to consider revamping it to better meet employee needs. "There are many new voluntary products in today's marketplace that provide better value in terms of coverage, price and portability," Joel said.  "Reviewing your program on an annual basis is important, especially as you continue to make changes to your core benefit plan." 

Thanks to a wide array of outsourced enrollment resources that run the gamut from online to call centers to onsite solutions, introducing or revamping your voluntary benefits program is easier than ever. Today's technology platforms simplify administration of voluntary products and provide a cost-effective solution to complying with payroll administration requirements.  

Contact your HUB International consultant today to explore your options.