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Voluntary Benefits Checklists

Review these checklists to better determine which voluntary benefits to offer employees.

March 4, 2002
Related Topics: Work/Life Balance, Benefit Design and Communication, Compensation

Here are three checklists for HR as it makes decisions on what voluntarybenefits to offer employees.

What HR Should Look For:

  • Will the selection expand benefit offerings to employees and theirfamilies without direct cost?

  • Will the benefit provide tailored financial solutions that complementexisting sponsored plans?

  • Will it assist in building retention and loyalty?

  • Will it create a higher level of appreciation and awareness ofcompany-sponsored plans?

  • Will it assist HR as it redirects employees away from the idea that theemployer is the lone provider of all benefits?

What Employees Will Look For:

  • Is the benefit clearly defined so that employees know what they’regetting for their investment?

  • Will it allow for the building of a program based on individual needs,including individual and family protection?

  • Does it have the convenience of payroll deduction?

  • Is it affordable for employees and their families?

  • Does it provide favorable underwriting and qualification?

What HR Should Look for in Elective-Benefit Specialists:
Perhaps the most challenging decision for HR is selecting the insurancecompanies and elective-benefit firms to coordinate the program. This becomesmore crucial when the company has facilities in several states. Here are somethings to look for:

  • Insurance providers should be highly rated by respected financial ratingservices such as A.M. Best, S&P, and Duff & Phelps.

  • Insurance providers should be able to demonstrate strong customer-servicepolicies.

  • Providers should have a commitment to high-quality internal orthird-party administration.

  • Elective-benefit specialists also should have a strong record of customerservice and post-enrollment support.

  • They should be able to administer the program electronically. Do theelective-benefit specialists have technology partners that understand dataintegration? This is a must for smooth administration.

Source: Steven W. Helsing,CEO, National WorksitePartners

Workforce, March 2002, p. 44 -- Subscribe Now!

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