Towers Watson’s 2013 Voluntary Benefits and Services Survey results shed light on how employers develop voluntary benefit strategies and design the product portfolio. The responses of more than 320 U.S. companies ranging from midsize to large organizations reveal a growing interest in and focus on voluntary benefits.
Amid a fragile economy, tight benefit and salary budgets, and major new health care reform legislation, employee benefits and HR professionals face significant pressure to control costs while delivering rewards that are competitive and aligned with employee needs. To manage this balancing act, employers are rethinking their financial commitment to employee benefits and redefining their employee rewards strategies.
Against this backdrop, companies are thinking more creatively and strategically to design rewards programs that are both within cost constraints and attractive to employees. Many are turning to voluntary benefits and services to help achieve this goal. In some form, voluntary benefits and services have supplemented core benefit packages since the 1960s. Today, these benefits are evolving, and deserve a fresh look given the new landscape and their role in the overall EVP.