Voluntary Benefits
Definition
Elective benefits offered to employees that are paid in full or in part by the employee.
What are Voluntary Benefits?
Voluntary benefits are optional extra perks and coverage like life insurance, disability insurance, pet insurance, and legal assistance, that employees can elect to enroll in. They enhance a company’s total rewards package without increasing employer costs.
Why are Voluntary Benefits Important for Employers?
- Attract and retain top talent
- Provides employees with more choice and personalization
- Cost-effective value with minimal employer investment
- Improve employee satisfaction and financial wellness
FAQs
What are examples of voluntary benefits?
Life insurance, disability insurance, accident coverage, pet insurance, legal services, and identity theft protection are common options.
Who pays for voluntary benefits?
Typically, the employee pays via payroll deductions, though some employers may subsidize certain offerings.
How do voluntary benefits support employee engagement?
They offer choice, flexibility, and financial security to help employees feel valued and protected beyond core benefits.
How ExtensisHR Can Help
We enhance your benefits offering by:
- Giving access to a broad portfolio of voluntary benefits
- Managing payroll deductions and enrollment
- Supporting enrollment with employee education and communication tools
- Maintaining compliance with benefits-related regulations