Offer Voluntary Benefits Solutions to Help Employees Cope with Inflation

Economic uncertainties and rising prices due to inflation are impacting employee purchasing decisions. Workers are struggling to stretch their paychecks to cover basic living expenses, such as groceries, rent or mortgage, fuel and childcare. Gallup research found that 24% of Americans plan to reduce spending and buy only essential items, 17% are canceling vacations and 10% plan to eat out less often. Another study reports that nearly 40% of employees are thinking about cutting back on benefits. But benefits are essential in keeping employees healthy. Offer voluntary benefits solutions to help employees cope with inflation and recession. Here’s how.

Educate employees about current voluntary benefits

Many employers already offer voluntary benefits, such as dental and vision insurance, to help employees care for their teeth and eyes. Employees with good oral and vision health tend to miss fewer workdays and are more productive. However, employees need reminders to schedule regular preventive dental and vision exams. So design a benefits communication plan to help employees understand their benefits and the financial savings they provide.

Focus on employee financial well-being programs

Business experts regularly emphasize the importance of employee financial well-being programs. Many employers provide a list of financial resources to employees, but don’t help them take advantage of these programs.

Most employees are struggling with debt, especially student loans. Many feel overwhelmed and depressed about their bills. They don’t see a way out of their financial problems.

Employers can help by providing financial well-being programs. Popular options include professional financial counseling and budgeting, savings programs, student loan repayment assistance and retirement planning. These programs can make a huge difference in employee morale and engagement. Studies show that satisfied employees are more loyal and tend to stay longer on the job.

Include professional development opportunities

Offering tuition assistance and educational programs is an investment in employees. After being cooped up during the pandemic, many employees want to improve their professional knowledge and skills. Some also are pursuing additional degrees to have more options for job growth.

Employers who provide a range of training and education programs enjoy the benefits of more satisfied workers who are invested in improving the business’ success. These workers have more skills and knowledge to help customers and improve business products and services.

Expand voluntary insurance benefit options

Instead of guessing the benefits to offer employees, find out the resources and voluntary plans they want. Schedule informal chats and short surveys to better understand employees’ issues and concerns. Then look for voluntary benefits and resources to help them, such as:

• childcare assistance
• critical care insurance
• discounts on travel, work parking, food delivery services
• legal and identity protection theft programs
• pet care and insurance

Sources and References:
Employee Benefit News
BenefitsPro
Kiplinger