Essential Voluntary Benefits for Compensation Packages

February 18, 2022 at 10:30 PM
Image of a happy employee who is receiving voluntary benefits from their employer.

When you work in a competitive market or head a new startup, the talent on your team can make the difference between a thriving and struggling business. When choosing a company to work with, employees often look beyond the salary to the benefits included in the compensation package.

Health, dental, and 401(k) matching are standard, so many startups consider including voluntary benefits to make their offers more attractive to candidates. Affordable insurance products make a substantial difference to employees considering multiple companies to join. To attract and keep top talent in your industry, incorporate these essential voluntary benefits in your compensation package.

Vision Insurance

The cost of eyeglasses and contacts can quickly add up for those without 20/20 vision. Vision insurance covers not only annual eye exams but prescription lenses and frames, prescription sunglasses, and contacts.

Employees can get year-round vision care with a modest amount taken from each paycheck when companies provide a vision insurance option. Including this voluntary benefit with your compensation package can make a difference when employees are more concerned with the long-term effects of blue light from computers and devices.

Toshi wearing the Silver Paw rain coat for dogs.

Pet Insurance

Pets have become valued family members, and the standards of care have developed over the past decade. Both annual health checkups and emergency care can add up to thousands of dollars in a year.

Offering pet insurance lets employees know an organization recognizes their pets as family members. Affordable pet insurance provides your team members support when their best friend gets sick or injured and eliminates the stress of unexpected high medical costs.

Short and Long-Term Disability

Few people plan for being out of work for weeks, months, or years due to illness or injury. No one wants to think about the circumstances that might require disability compensation. But having it when you need it can mean the difference between eviction, foreclosure, and mounting debt.

Including disability insurance with your voluntary benefits package protects your employees when the worst happens and eliminates the stress and uncertainty that comes from chronic illnesses or debilitating injuries.

Term and Whole Life Insurance

Life insurance is essential for employees who have families depending on them. Incorporating term and whole life insurance products into your benefits package can offset the cost of premiums for employees.

When building a benefits package, incorporating term and whole life insurance is a way to set your organization apart from the competition. Show potential employees that you’re not only concerned for them but also their dependent families.

Hospital Confinement

Even if employees have health insurance, when an accident or injury leaves them or a loved one in the hospital, additional expenses that aren’t covered can add up quickly. Hospital indemnity insurance covers hospital stays regardless of the additional coverage a patient carries.

Hospital confinement coverage usually offers separate benefits for hospital admission, overnight stays, and ICU admittance, along with the option of adding a spouse and other family members. While hospital confinement insurance doesn’t replace health insurance, it can eliminate the unexpected costs that insurance won’t cover.

Ashton Benefits helps small businesses and startups attract top talent with voluntary benefits packages.

Ashton Benefits has a network that extends across the country and worldwide to deliver unparalleled expertise and results to our clients when they’re building benefits packages for their employees and executives. Our team comes from backgrounds in diverse industries, including pharmaceutical, compliance, and HR technology. We help small businesses to manage every aspect of their HR, payroll, and benefits through the Ashton Benefits online dashboard.

If you need expertise in building benefits packages for your employees, contact Ashton Benefits to identify the best voluntary benefits to attract top talent to your organization.

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