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Survey: More Than Two-Thirds of Employees Look to Voluntary Benefits as a Deciding Factor For Whether They Work For and Stay With an EmployerCorestream, the leading platform for connecting employees with personalized voluntary benefits, today announced survey findings revealing the growing importance of voluntary benefits on employee retention and engagement. Voluntary benefits are benefits which are offered in addition to medical, dental and vision coverage. Findings from a nationwide survey underscore a knowledge gap between employers, among which 77.5% reported offering voluntary benefits, and employees, almost half of whom (49.3%) do not know what voluntary benefits are. Corestream surveyed an independent third-party panel of 152 employees and 151 HR professionals in companies of at least 5,000 people. "Pandemic-driven decentralization of the workforce and increased economic uncertainty have created new lifestyle challenges for many people," said Neil Vaswani, CEO and co-founder of Corestream. "For employees across industries, the line between their personal and professional worlds has blurred to an unprecedented level since COVID-19. This has created new challenges but also opportunities for employers to engage their workforce. Employers are also being forced to re-evaluate aspects of their businesses to drive greater efficiency while better supporting the wellbeing of their employees." Voluntary Benefits Improve Retention and Employee Engagement - And They Want More of Them Employees and HR professionals agree that offering voluntary benefits is a great way to attract and retain talent. Overwhelming evidence demonstrates that employees will take advantage of voluntary benefits if they are provided by their employer.
However, while 77.5% of employers offer voluntary benefits to their employees, half of the employee respondents (49.3%) stated that they don't know what "voluntary benefits" are, indicating that there is opportunity to improve internal employee communications on voluntary benefits across companies.
"As we begin contemplating what a post-COVID19 world will look like, the value of putting people first will continue to be the right thing to do. It's more critical than ever to provide employees with a holistic approach to benefits, giving them access to tools and initiatives that help them and their families navigate this complex time," said Vaswani. "Voluntary benefits can convey to the workforce that their needs are understood and they are valued not only as employees but as people with responsibilities outside of the workplace. This is motivating and empowers employees to be more engaged and productive. The relationship between employer and employee, will be an increasingly valuable trait that generates greater company success." To learn more about the latest research from Corestream, download the infographic here. About Corestream Corestream is a leading voluntary benefits technology provider that believes the success of any organization relies on the overall wellness of its workforce, from physical and mental health to financial wellbeing. Corestream's revolutionary SaaS (News - Alert) platform scales the distribution and adoption of voluntary benefits to become an integral part of protecting and enhancing the employees' livelihood. By removing barriers and streamlining administration, Corestream has become a powerful tool in the arsenal of HR teams, brokers, vendors, and employees. For more information, visit Corestream.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20200804005778/en/ |