Supplemental benefits are just one of the types of perks a company can offer its employees as part of its retention program. While not required for the employer to offer and often optional for employees to opt for, supplemental benefits can be a great addition to any benefits program.
Read on to learn more about supplemental benefits, why they matter, how to know if you selected the right ones, and what to do if you need help starting or adjusting your benefits program.
What are Supplemental Benefits?
Supplemental benefits are essentially an extension of a company’s existing benefits package. They typically provide an extra cushion of coverage or a stronger level of support on top of the core benefits offered.
These types of benefits are often voluntary and employee-paid, but they can also be employer-paid or even cost-shared. Either way, having supplemental benefits available for team members can help strengthen a company’s retention program and generally make the program’s benefits more meaningful and relevant.
Aren’t Core Benefits Enough?
While offering your employees a core benefits package can be advantageous on its own, adding supplemental benefits as options can add value to your current benefits package.
The core, employer-paid benefits your company offers can directly help with retention. Meanwhile, supplemental benefits can make your program more attractive to employees and make them more likely to enroll in your benefits program.
Offering supplemental benefits can be especially useful if your core package features limited benefits. Thus, with supplemental benefits on the table, employees may feel your program is more worthwhile and provides greater value than the basic package on its own.
Evidence of Successful Supplemental Benefit Implementation
It’s not enough to simply add supplemental benefits to your retention program. You must also ensure the types of benefits your company offers are relevant and desirable to your employees. The selection of supplement benefits your company offers should also be effective for your program overall.
Otherwise, your company won’t be able to adequately support employee retention, boost workplace satisfaction, or increase benefits participation rates.
Signs of proper supplemental benefit selection include:
- Higher employee benefits program enrollment rates
- Improvements in employee retention
- An increase in benefits usage among your staff
- Recruiting new hires becomes easier
- Employees bring up fewer concerns regarding coverage gaps
- Benefits follow employees through different life stages and situations
Does Your Company Need a Benefits Program Overhaul?
Creating the right employee retention program is no easy task. One of the most difficult aspects of a benefits program is knowing the same program won’t work for every company or set of staff. Employers have different budgets, and certain employees may be attracted to different types of benefits.
Whether you have a limited budget, a small team, or a variant workforce across different life stages, we can help you create the right benefits package(s) to meet both you and your team members’ needs. Not only can we help you select core benefits, but we can also assist you in picking the right voluntary or supplemental benefits to offer.
Reach out to Employee Retention Benefits today for help with starting or revising your company’s benefits program.
