Purchasing Power Offers Employer's Guide to Voluntary Benefits

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Oct 16, 2014, 08:00 ET

ATLANTA, Oct. 16, 2014 /PRNewswire/ -- Recognizing that voluntary benefits are becoming an essential component of well-designed employee benefits programs, Purchasing Power today released an employer's guide to voluntary benefits designed to assist companies in matching marketplace options to employees' diverse needs.

"Paving the Road to Financial Wellness with Voluntary Benefits: A Guide to Tailoring Benefits to Employees' Diverse Needs" outlines the comprehensive array of voluntary benefits available today; profiles typical employee segments; and illustrates which voluntary benefits best fit each employee type.

Voluntary benefits, once considered just a nice extra, are now a necessary part of the employee benefits package, not only to allow employers to have a more robust offering, but also to allow employees to customize their benefits package by choosing what suits their individual needs. Traditional voluntary products can fill in the gaps in core benefits while non-traditional voluntary benefits enhance lifestyle, protect well-being and improve financial wellness.

Today's diverse workforce – spanning three generations from Millennials to Baby Boomers – look at work, life, money and finances in totally different ways. The guide from Purchasing Power discusses the three generations, their financial stresses and their varying benefit needs.

"While gains in the stock market and the economy have led companies to believe their employees are also recovering financially, that's not the case," Elizabeth Halkos, Chief Revenue Officer, said. A July 2014 Harris Poll conducted on behalf of Purchasing Power showed that 80 percent of employees working full-time reported having financial stress today. According to the survey, the stress is almost equally related to long-term (savings, retirement, etc.) and short-term (everyday living expenses, car repair, emergency medical expenses, etc.) financial needs.

"Employers can help address their employees' current financial stability and help them build a financial safety net through voluntary benefits," Halkos explained. "Employers need to know what voluntary products and services will most benefit each generation of workers and what appeals to them physically, mentally, emotionally and socially," Halkos added.

Refer to the e-guide, "Paving the Road to Financial Wellness with Voluntary Benefits: A Guide to Tailoring Benefits to Employees' Diverse Needs" for detailed information on the financial stresses of the three generations and a menu of traditional and non-traditional voluntary benefits available in today's marketplace.

About Purchasing Power, LLC
Headquartered in Atlanta, Purchasing Power is available to six million people through large companies – including Fortune 100s – and government agencies. Purchasing Power is one of the fastest-growing specialty e-retailers in the market offering a leading voluntary benefit program. Purchasing Power was honored for "World Class Service" by Smart Business, recognized as one of the fastest-growing companies for seven years on the Inc 500|5000, and is one of "Atlanta's Best and Brightest Companies to Work For." Purchasing Power is 'Powering People to a Better Life™' through its employee purchase program, financial literacy efforts and charitable contributions. Purchasing Power is a Rockbridge Growth Equity, LLC Company. For more information, visit www.PurchasingPower.com.

Media Contacts:
Kristen Weeks, 404.609.5156
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Juliann Kaiser, 770.643.0615
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SOURCE Purchasing Power, LLC