How benefits can save employees money while contributing to their wellbeing

The bottom line is distracted workers are less productive workers. And let’s face it. In today’s post-pandemic world, there is a lot to be distracted by. A backdrop of global unrest. Inflation hitting nearly every household expense. The resurgence of federal student loan payments. And the normal everyday pressures on families.

The topic of finances causes stress for many, and employers have an opportunity to ease the burden, oftentimes at little expense, with voluntary benefits.

Maximize earnings

Many voluntary benefits offer affordable solutions and with everyone counting pennies right now and the October jobs report showing a cooling economy, it is time to help ensure employees have access to valuable offerings that contribute to their overall compensation package and wellbeing.

When employees have easy access to offerings that accommodate their goals and budgets, they can be more productive in their personal and professional lives.

A recent study found that adding financial wellness to employee benefits packages reduces stress, boosts morale and productivity, and helps attract and retain top talent. If employers can help alleviate their employees’ financial stress, productivity could increase, and they may even attract better quality candidates because of their benefits program while retaining talent they want to keep.

Providing access to voluntary benefits is a meaningful way to contribute to an employee’s financial wellness as well as their overall wellbeing. Voluntary benefits offer employees affordable financial solutions that they elect and pay for themselves, avoiding significant financial burden on employers. Sometimes, voluntary benefits can be offered at no cost to employees.

Voluntary benefit offerings do not need to be complex or overengineered. Life and disability income insurance as well as medical, dental, and vision coverage oftentimes come to mind when thinking about voluntary benefits, and there are other simple opportunities to help bolster employees’ wellbeing that should not be overlooked.

Bolster wallets and wellbeing

Recognizing that wellness can look different for every individual, some companies offer stipends to encourage and help offset the cost of healthier lifestyles. For example, MassMutual offers a ‘wellbeing wallet’ to its own employees where they can spend $1,250 annually on qualifying expenses to aid their physical, mental, and financial wellbeing, such as Pelotons, Oura rings, childcare, standing desks, AirPods, ski lift tickets, and even student loan repayments.

Other, perhaps more common voluntary benefits options, are employee assistance programs, flexible savings accounts, and health savings accounts. But what about leave programs beyond traditional sick days, vacation and personal time, and parental and bereavement leave? Some companies offer time off to care for a loved one or to volunteer for causes that are important to their employees. Some take it a step further by offering matching grants to charitable organizations for employees’ monetary donations or volunteer time.

Read more: Lifestyle spending accounts: What employers need to know

The point is that voluntary benefits can offer something meaningful for everyone and can be a simple and cost-effective way to help employees with their wellbeing and their wallets.

Be the employer of choice

Convenience is paramount these days. That is why access to quality offerings at work makes so much sense. Employees trust that their employer does the research and chooses reputable companies behind their offerings. In fact, the 2023 State of the American Family research from MassMutual revealed that 68% of employees prefer to purchase a product offered through their employer and/or an ethically responsible brand (65%) when using their purchasing power.

Decide to be that employer. Decide to be that brand.

If you are finding that attracting and retaining quality employees can be competitive, consider that voluntary benefits are a low-investment opportunity to provide meaningful and comprehensive benefits without breaking the bank. For smaller employers, voluntary benefit packages can be a way to compete with larger businesses that may offer more diverse benefits.

Shefali Desai, head of worksite at MassMutual