COMMENTS FROM THE INDUSTRY

VOLUNTARY BENEFITS: THE MARKET IS GROWING!

Today, the worksite market represents nearly 2.5 billion in premium and approximately million in profits, and is expeced to grow to billion and million,respectively, by 2004 With the overall potential market estimated at billion and thousand of employers saying they would consider adding voluntary benefits within the next two years, the timing couldn't be better to get on board.

Labor Market Drives the Need

The exploding interest in voluntary benefits i a response to today's competitive business climate. As Employers cope with escalating medical plan rates. As well as a continuig tight labor market, they need effective ways to provide a comphrehensive benefit package while controlling cost. Large Employers have already discovered the value of voluntary products-90% now offer at least one employee-pay product. However, only 53% of companies with 20 to 999 employees currently offer voluntary benefits, suggesting a vast underserved market waiting to be tapped?

Benefits are key to successful employee retention strategy!

Two new research projects find that enhancing benefits could dramatically improve workplace loyalty. The studies by the society for human resouce management was release in late June. A choice in health care benefits ranked as the number one on the list of effective retention initiatives, ahead of competitive salaries and salary increase.

The most common reason employees voluntary leave i to pursu careet opportunities elsewhere. Better compensation and benefit packages as well as poor managementwere the next most often cited reasons for leaving What's important is compensation that's equitable and benefits that are valuable.

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