NEW YORK, Feb. 6, 2019 /PRNewswire/ -- HSA administration company, Clarity Benefit Solutions, highlights voluntary benefits trends to watch this year as 2019 unfolds.
Voluntary benefits are becoming an extremely important part of companies' benefits offerings. In a tight job market, voluntary benefits are essential for attracting and retaining top talent and keeping employees engaged and happy. In fact, employees would rather take a job that has a customizable benefits plan over a job with a higher salary. Voluntary benefits are no longer considered extras; they are now almost necessary for keeping employees engaged and satisfied.
The following are some voluntary benefits trends to keep in mind this year as you build benefits plans:
Student loan repayment programs will be on the rise. More than one third of the current workforce owes student loans, with more than half of millennials owing. Since millennials now make up majority of the workforce, this is an extremely important concern for the workforce. Less than 5% of employers offered a student loan repayment program as a benefit in 2018, so that number is expected to rise for 2019.
Taking care of caregivers will be a priority for benefits. Almost half of employees are serving as a caregiver for someone else, most providing financial support. These employees are caring for parents, grandparents, adult children, and grandchildren on a variety of levels. These people are seeking important benefits including elder care support, childcare, adoption assistance, and financial assistance. This year, more employers will be addressing these needs through voluntary benefits.
Encouraging education about financial wellness will be important. According to a 2018 Workplace Benefits Report from Bank of America Merrill Lynch, only a third of employees utilized their financial wellness benefits in 2018. Employers are adding financial wellness and education benefits to help employees start an ongoing journey about financial wellness.
Benefits will help facilitate savings. An unfortunate reality is that many employees live paycheck to paycheck, with little to no money saved for emergencies. This year, employees can expect their employers to offer benefits that help them save money for retirement.
About Clarity Benefit Solutions: Clarity Benefit Solutions HAS Administration Company provides technology that makes the health insurance plan selection process fast, easy, and straightforward. For over two decades, we have provided clients with industry-leading technology, compliance, and exceptional customer service. Our offering is designed to save time and lower the costs of managing benefits while also promoting employee self-service and automated ACA compliance.
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Voluntary benefits are becoming an extremely important part of companies' benefits offerings. In a tight job market, voluntary benefits are essential for attracting and retaining top talent and keeping employees engaged and happy. In fact, employees would rather take a job that has a customizable benefits plan over a job with a higher salary. Voluntary benefits are no longer considered extras; they are now almost necessary for keeping employees engaged and satisfied.
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The following are some voluntary benefits trends to keep in mind this year as you build benefits plans:
Student loan repayment programs will be on the rise. More than one third of the current workforce owes student loans, with more than half of millennials owing. Since millennials now make up majority of the workforce, this is an extremely important concern for the workforce. Less than 5% of employers offered a student loan repayment program as a benefit in 2018, so that number is expected to rise for 2019.
Taking care of caregivers will be a priority for benefits. Almost half of employees are serving as a caregiver for someone else, most providing financial support. These employees are caring for parents, grandparents, adult children, and grandchildren on a variety of levels. These people are seeking important benefits including elder care support, childcare, adoption assistance, and financial assistance. This year, more employers will be addressing these needs through voluntary benefits.
Encouraging education about financial wellness will be important. According to a 2018 Workplace Benefits Report from Bank of America Merrill Lynch, only a third of employees utilized their financial wellness benefits in 2018. Employers are adding financial wellness and education benefits to help employees start an ongoing journey about financial wellness.
Benefits will help facilitate savings. An unfortunate reality is that many employees live paycheck to paycheck, with little to no money saved for emergencies. This year, employees can expect their employers to offer benefits that help them save money for retirement.
About Clarity Benefit Solutions: Clarity Benefit Solutions HAS Administration Company provides technology that makes the health insurance plan selection process fast, easy, and straightforward. For over two decades, we have provided clients with industry-leading technology, compliance, and exceptional customer service. Our offering is designed to save time and lower the costs of managing benefits while also promoting employee self-service and automated ACA compliance.
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SOURCE Clarity Benefit Solutions
