Study shows 67% of employers offer voluntary benefits
Small companies with fewer than 50 employees are much less likely than larger firms to offer voluntary benefits to their employees, according to Eastbridge Consulting Group’s most recent research.
Eastbridge’s 2023 Employer Size and Industry Demographics for the Voluntary/Worksite Market report shows companies with more than 50 employees are significantly more likely than the smallest employers to include voluntary products in their benefits packages. Vision, short-term disability, dental, cancer and accidental death and dismemberment lead the list of the most popular voluntary products employers of any size offer. Parsed by industry, life and accident insurance also emerge as top voluntary offerings for many employers.
“Voluntary benefits are clearly widespread in the workforce, but this data also illustrates a significant market opportunity to reach the third of employers not currently offering voluntary coverage, particularly at the small end of the market,” said Ginger Bates, Eastbridge director of research. “Certain industries, such as retail/wholesale trade and health care, also tend to be underpenetrated for most voluntary products.”
The Employer Size and Industry Demographics for the Voluntary/Worksite Market report delves deeper into data collected from 1,016 employers nationwide in March and April and May 2022 to identify how benefit offerings, needs and attitudes vary by employer size and industry. This information can help benefits carriers better understand the expectations of employers in their target markets and determine if they need to make changes to their products and services to remain competitive.
The report examines employer preferences and practices in seven different size groups between 10 and more than 10,000 employees, and in eight different industry segments, including business services, personal services, construction, manufacturing, retail/wholesale trade, finance/insurance/real estate, health care, and education. Topics include benefits these employers offer and why, criteria for selecting voluntary carriers, enrollment and communication practices, benefit administration systems and more.
Employer Size and Industry Demographics for the Voluntary/Worksite Market, a Spotlight™ Report
About Eastbridge Consulting Group — is a marketing advisory firm serving companies focused on the voluntary/worksite benefits market in the United States and Canada. Follow Eastbridge on LinkedIn.