7 Underutilized & Overlooked Employee Benefits
Check out our list of seven underutilized and overlooked employee benefits that you should be offering to increase employee satisfaction, improve retention and better protect employees.
Published: 10.10.2024
Knowing the right plans and providing unique employee benefits options can help you build comprehensive group benefits packages for employees. Offering a variety of solutions will always help set you apart from the competition—and help you grow and retain your business.Check out our list of seven underutilized and overlooked employee benefits that you should be offering to increase employee satisfaction, improve retention and better protect employees.
- DISABILITY INSURANCE
Your most valuable asset isn’t your house, car or 401K—it’s your ability to make a living. That’s why disability insurance is one of the most important benefits when it comes to protecting employees’ finances.
Whether it’s short-term or long-term coverage, disability insurance provides funds to replace lost income should an employee become disabled and unable to work. This helps prevent employees from having to dip into their retirement and long-term savings.
While disability insurance is one of the more well-known specialty benefits, it is often overlooked. The overall increase in expense when adding a disability insurance plan is relatively minimal, and it provides employees with incomparable value and protection.
Why you should be offering it: Disability insurance isn’t about selling a product—it’s about selling a promise to protect employees when they need it most. It is important to put a plan in place before it’s too late. - BUSINESS TRAVEL ACCIDENT INSURANCE
Whether it’s a meeting across town, a routine local delivery, an out-of-state event or an overseas conference, companies of all sizes in all industries have employees traveling for business. Most plans can be tailored based on the type of travel the employees are doing and how often.
These plans provide some of the best value for cost in the insurance industry today—and employers can provide their employees comfort knowing that they are covered should an accident arise while traveling on the job.
Why you should be offering it: By protecting employees both in and out of the office, employers can demonstrate their commitment to the health and happiness of their employees. Business Travel Accident Plans also help protect employers from potential lawsuits that could be crippling to their business and reputation—the more office locations an employer has, the bigger the risk becomes. - INTERNATIONAL HEALTH INSURANCE
International health plans cover individuals, families and groups for different types of travel outside of the U.S., including one-time vacations, frequent travel and expatriates.
Whether you have a multinational company looking to cover its expatriate employees or an employer who simply wants to provide their employees the courtesy of a voluntary option for personal trips, these plans offer peace of mind and global concierge support for individuals living or traveling abroad.
Why you should be offering it: International health insurance plans ensure employees well-being and peace of mind while traveling abroad. An international health insurance plan can help mitigate financial risks for both employees and employers, reducing the burden of unexpected medical expenses and potential legal liabilities associated with inadequate coverage abroad. - GROUP LEGAL SERVICES INSURANCE
Group legal services insurance plans can better prepare and protect employees when it comes to personal legal matters—whether planned or unexpected. Many options provide access to a network of skilled attorneys as well as coverage for a wide range of legal matters such as family law, civil lawsuits, identity theft, debt issues and real estate.
Employees will have peace of mind knowing that they are financially protected and have access to the proper resources should a personal legal matter arise. These services relieve stress among employees and support higher productivity and employee retention.
Note, legal services plans may not be regulated as insurance in some states.
Why you should be offering it: Group legal plans provide valuable support and protection for employees when navigating personal legal matters. This benefit enhances employee satisfaction and retention as it demonstrates the employer's commitment to supporting employees’ well-being beyond work-related matters. Legal services insurance plans help employers differentiate themselves from the competition and boost employee satisfaction. - ABSENCE MANAGEMENT SYSTEMS
A company’s most valuable resource is their employees and their productivity. That’s why an effective Absence Management program is one of the most important strategies for maintaining a healthy, efficient workforce and ensuring operational continuity.
Absence Management systems help employers track and manage employee absences due to illness, injury or other personal reasons. These programs include tools for leave tracking, return-to-work planning and compliance with regulations such as the Family and Medical Leave Act (FMLA). They provide a structured approach to handle both planned and unplanned absences, ensuring that workforce productivity remains stable and that employees receive the support they need.
Why you should be utilizing it: Absence Management isn’t just about reducing absenteeism—it’s about fostering a supportive work environment where employees feel valued and taken care of. A robust Absence Management system minimizes disruptions, maintains productivity and supports employees' well-being and compliance. - IDENTITY THEFT PROTECTION
Identity Theft Protection plans safeguard employees against the increasing threat of identity theft, providing essential financial security and peace of mind. These plans offer comprehensive monitoring and recovery services, including credit monitoring, alerts and assistance in restoring stolen identities.
Whether you have a company with a high risk of data breaches or an employer who wants to enhance their benefits package with a valuable voluntary option, these plans offer crucial protection and support for employees in today's digital age.
Why you should be offering it: Identity Theft Protection plans have become crucial as data breaches and cyber threats continue to rise. These plans are a key component of a comprehensive benefits package, appealing to employees looking for financial security and well-being. These plans are easy to implement and require minimal maintenance.
- PET INSURANCE
Pet insurance plans help protect employees from the high costs of veterinary care for their beloved pets, covering a wide range of needs from accidents and illnesses to routine check-ups and preventive care. Pet insurance plans provide employees with peace of mind knowing they can afford to give their pets the best possible care without excessive costs. By offering pet insurance, you can support the overall well-being of employees and their pets and reduce financial stress.
Why you should be offering it: Pet insurance is a growing, in-demand benefit that can set your company apart from other employers and boost employee satisfaction. Offering Pet insurance not only differentiates you from the competition but also ensures you are meeting a rising demand in the market—if you aren’t offering it, someone else will.
