Workers Say They Want Voluntary Benefits—But Often Fail to Take Advantage

 

A new survey finds nearly three-quarters of employees want to work for organizations that offer benefits covering critical illness, hospital indemnity and more—but less than half of those with the option enroll.

Kacey LarsenA recent survey from Voya Financial, Inc. finds a disconnect between intent and action when it comes to employee-paid voluntary benefits. The health, wealth and investment solutions company surveyed 1,005 adults using Ipsos’ eNation omnibus platform, which captured 492 working Americans, of which 294 are eligible for benefits.Per the survey, 70% of respondents who are employed and benefits eligible say they are more likely to work for an employer offering employee-paid voluntary benefits, such as disability income, critical illness or accident insurance. But during the most recent open enrollment period, only 49% of the eligible workers surveyed took advantage of their employer’s voluntary benefits.[FREE GUIDE: How to Run an Internal Communications Audit]This disconnect is highest among millennials, Voya finds, with 78% indicating they are “more likely” to work for a company offering voluntary benefit coverages but only 49% enrolled during the recent open enrollment period.Continue reading here...