Many employed people are familiar with staples such as healthcare, retirement plans, and vacation time. However, the options available to your clients can be a bit more difficult to comprehend. Several misunderstandings surround the concept of ancillary benefits, so you should address them and educate your clients about their value. We'll debunk common misconceptions about ancillary benefits so that you can convey their usefulness to dubious clients.
Ancillary Benefits Are Too Expensive
While it's true that some ancillary benefits can be pricey, employers should understand that these benefits can ultimately save them money. For example, telehealth services can offer an affordable alternative to non-emergency medical care. Additionally, employee turnover can cost a company many resources. However, companies can improve employee retention by providing valuable ancillary benefits, such as a wellness program or employee assistance programs.
Ancillary Benefits Are Only for Large Companies
Many small business owners operate under the assumption that ancillary benefits are out of their reach because they’re too small to offer them. However, many options are affordable and scalable for small businesses. Some benefits, such as pet insurance or identity theft protection, can be voluntary for insurance plans.
As long as the employee pays the full cost, they can take advantage of a unique subset of care. This is a low-risk investment for the employer and can satisfy their team members.
Ancillary Benefits Are Too Complicated To Administer
Another common misconception about ancillary benefits to be aware of has to do with the complexity of signing up. Though some benefits can require more effort to administer, such as a wellness program or fringe benefits, others are easy to implement and manage. For instance, your clients can set up pet insurance or legal assistance plans quickly and with minimal upkeep.
All Ancillary Benefits Are the Same
Your clients must understand that not all ancillary benefits are similar. Some may be more expensive or complicated, while others are easy to administer and highly valuable to employees. Ultimately, the right collection of options for a business depends on the needs of its team. Employers should take the time to understand the needs and desires of their employees and tailor their ancillary benefits offerings accordingly.
These common misconceptions about ancillary benefits can prevent employers from offering them to their employees. However, by understanding the true value of these benefits and working with an experienced broker, employers can offer high-quality ancillary benefits that help them attract top talent and make profits. At Warner Pacific, we understand that the world of ancillary benefits can be confusing, so we provide superior ancillary provider services. With our help, you can find the perfect collection of offerings for your clients and ensure the application process is easy.