Attracting and retaining employees in today’s job market with voluntary benefits

The job market has gone through a rollercoaster in the last couple of years. The push and pull between companies wanting to increase hiring and then balancing those initiatives with a possible recession has taken its toll on employers and employees alike. 

Adding to those concerns is “Quiet Quitting,” a new phenomenon where employees feel a lack of support from their employer and thus silently “quit” the idea of going above and beyond at work.

To attract and retain top talent in today’s job market, organizations need to lean on their voluntary benefits. Going above and beyond standard benefit offerings will catch the attention of job-seekers and engage current employees, which is the perfect combination for a productive and happy team.

Voluntary but necessary

With increasing uncertain economic times, both job-seekers and current employees are looking to close gaps in coverage and mitigate risk in their lives.

Voluntary benefits not only cover areas of concern for employees, but they are also affordable for organizations that may not have a lot of room to expand their benefits budget. Take a look at these key voluntary benefits that can help engage your employees:

• Flexible Spending Account (FSA): FSAs make healthcare affordable for employees by better preparing them for health-related costs not covered by insurance. An FSA gives both employers and employees tax savings which offer added peace of mind.

• Health Savings Account (HSA): HSAs provide a way for employees to save for health care costs while providing tax benefits for employers and employees. HSAs are unique because they offer investment opportunities and are a great voluntary benefit for those concerned with both unexpected healthcare costs and securing finances for retirement.

• Dependent Care Account (DCA): Employees are concerned not only with how they’ll care for themselves, but for their loved ones and dependents. With many people prioritizing benefits that help them care for the people who matter most, a tax-free account for child and dependent adult care costs is extremely valuable.

• SmartRide: A commuter benefit option can help offset the costs of transportation as employees transition back into the office. This plan gives employees money-saving options for public transportation, parking and rideshares.

A simply smarter approach to voluntary benefits

The benefits experience is a major factor in engaging and retaining employees because they are more likely to engage and reap their benefits if the user experience is simple.

To make the voluntary benefits experience better for both your organization and your employees, consider utilizing a suite of benefit administration programs that tie together your offerings with a simple-to-use platform, anywhere and anytime.

Contact Clarity Benefit Solutions to learn more about crafting a voluntary benefits package that will attract and retain employees in today’s job market.