There is a growing body of research examining the correlation between group benefits plans and worker retention, productivity, and satisfaction. As a result, a growing number of studies and surveys are coming to a similar set of conclusions: ancillary benefits are critical for employees and are frequently the deciding factor for choosing to join or stay with an employer.
This increased emphasis on robust benefits packages that include ancillary solutions is arguably one of the primary byproducts of the COVID-19 pandemic. The conventional thinking used to be that employees consider salary, flexible working arrangements, and other perks in and out of the office as being just as important as group benefits, especially ancillary solutions.
However, current research suggests otherwise. According to the 2022 BEAT Study: Benefits and Employee Attitude Tracker from LIMRA, approximately 63% of employees state that the quality and choices for their benefits package makes them more likely to remain with their employer.
Furthermore, employees value more than just the “core” benefits like health insurance. For instance, a recent survey by Corestream found that 68% of employees said that ancillary benefits being included in their overall group benefits will increase their likelihood of not only choosing a certain employer but staying there as well.
The research makes it perfectly clear: employees with a more robust benefits package are more likely to want to stay with their employer. In other words, employees not only value the quality of their benefits, but the quantity as well.
According to the same 2022 BEAT Study mentioned above, 61% of employees who receive more than six (6) benefits report being satisfied with their benefits package, whereas only 30% of employees with just one (1) to three (3) benefits report being satisfied.
This is a critical finding because it suggests that offering ancillary/voluntary benefits continues to add value, even after “core” benefits such as health insurance are already available.
Here at CoPower, we take tremendous pride in providing the kinds of group ancillary solutions that employees want and need. This allows employers to stay competitive when trying to meet the evolving demands of a workforce that is expecting more from their group benefits.
Contact your Amwins Connect Sales Representative to learn more about the types of voluntary benefits we offer, including our bundled benefit offerings that can be customized to a company’s particular needs!