Infographic: Why voluntary benefits can help lead to happier employees

Besides traditional benefits, employees are increasingly using voluntary benefits to provide supplemental, optional incentives for employees. Coverage ranges from financial and mental health to personal benefits, identity security and more.

Here’s a glimpse of the state of voluntary benefits, including why they’re increasing in popularity with employers — and why employers are employing them to help round out their overall benefits packages.

We offer a suite of voluntary options like Group Employee Benefits and Health Account Solutions to help employers stay relevant and offer services that best meet their needs for a healthier, happier workforce.

To learn more, contact your Voya representative today.

Read our three-part series that further explores the ins and outs of the world of voluntary benefits:

• Voluntary Benefits 101: What are they and how do they work?
• Voluntary Benefits: The mental health-financial wellness connection
• 5 employee trends driving the growing case for voluntary benefits
   

Text representation of infographic (for screen reader accessibility):

What is a voluntary benefit?

Optional benefits employers can offer in addition to their traditional employee benefits, such as:

• Life and disability insurance
• Vision and dental coverage
• Student loan repayment assistance
• Employee assistance programs

Why more employers offer these benefits

• 63% of workers say their current benefits package makes them at least somewhat more likely to remain with their employer.¹

And according to Voya’s recent consumer survey of benefits-eligible Americans:

• 66% agree they are more likely to work with an employer who offers voluntary benefits like critical illness, hospital indemnity, disability or accident insurance²
• 4 in 10 spent more time reviewing their voluntary benefits options/coverage than they did during their last enrollment period²
• 1/3 also signed up for additional voluntary benefits during this year’s open enrollment²

Who pays for voluntary benefits?

• Employers: Typically pay minimal administrative fees and minor ancillary costs
• Employees:  Can choose cost-effective and competitive options with group pricing

Why are voluntary benefits growing in popularity?

The pandemic has changed how employees view work/life balance and they’re increasingly looking for employers to show they care:

• 62% of employees say they’re more likely to be attracted to a company that cares about their financial well-being³
• 94% of employers say that voluntary benefits are a key part of their employee recruitment strategy⁴
• 76% of employees report that voluntary benefits impact their employer’s ability to retain them⁵