Nearly three-quarters (71 percent) of employers with 10 or more offer voluntary products, and the likelihood of offering voluntary increases as the size of the employer increases. The top reasons for offering voluntary, according to the employers surveyed are cost savings for the company and employee interest in, and need for, these type of products.
“While the popularity of voluntary benefits at the workplace continues to grow, the use of both public and private exchanges to offer those benefits is still relatively low,” states Ginger Bates, Director of Research at Eastbridge. Most employers (79 percent) still offer benefits the ‘usual’ way. Of those using exchanges, about half use private exchanges and the other half public exchanges. “Over one-third (38 percent) of the employers surveyed indicated that they are not open to using private exchanges versus 28 percent that are open to it. However, 35 percent are still unsure of what the future holds in terms of exchanges,” adds Bates.
The 2014 MarketVision™—The Employer Viewpoint Spotlight™ Report includes responses from over 900 employers, with a minimum of 100 employers from each of seven different size categories. The specific topics covered include:
The cost of the report is $3,500. To purchase, call
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.