A Principal news release said the key advantages of voluntary benefits is that they allow employers to offer a wide variety of products at no cost to the company and workers can pay for the benefits through payroll deduction.
The company said it works with employers to create a customized enrollment strategy and benefit education program for voluntary benefits. Ranging from group meetings to one-on-one sessions, education programs feature working directly with a salaried financial professional at the work site.
Using an interactive needs analysis tool, the financial professionals help employees identify gaps in insurance and financial protection and then prioritize and select the most appropriate type of voluntary benefits both inside and outside of the group program.
The Principal now offers online enrollment for both English and Spanish-speaking workers.
“Employers taking a closer look at their benefit budgets are feeling the financial squeeze, but also realize retaining valued employees in the current environment is critical. Voluntary benefits allow employers to offer attractive benefits at a lower cost for both the employer and their employees,” said Amy Friedrich, vice president of the Specialty Benefits Division of The Principal, in the announcement. “We’re seeing an increase in our customers offering voluntary benefits because they realize it’s a win-win situation for their business budget and their biggest asset, employees.”