August 1, 2011
By John Thornton, Executive Vice President Amalgamated Life Insurance
Previously, only large organizations offered employees dental, disability and supplemental insurance. Today, small and middle-market businesses also offer these insurances as voluntary benefits. A 2009 Eastbridge Associates survey of over 500 U.S. employers’ benefits managers found that: within the 10-100 employee range, 65% offer at least one voluntary product; 101-500 employee range, 77% do: 501-2,000 employee range, 78% do; and for employers with 2,001 or more employees, 87% do.
Research indicates that voluntary benefits are greatly valued by employees; additionally, they do not place a heavy burden on Human Resources from a cost or administrative standpoint, and they do provide many advantages.
Small and mid-sized businesses offering voluntary benefits gain a more equal footing with larger companies in employee recruitment and retention. Employees appreciate access to benefits that are most meaningful to them at better prices than if purchased individually. The most popular, cost-effective voluntary benefits are: life, dental, disability, and critical illness insurance.
When selecting a benefits provider, seek out one that can provide the benefits best suited to your organization, has competitive pricing and a consistently high financial rating (e.g., “A” Excellent) from A.M. Best Company.)
For additional information about Voluntary Benefits, contact: Melanie Cannon at: mcannon@amalgamatedlife.com or 646-596-5223 or visit www.amalgamatedlife.com.
