Should You Offer an Identity Theft Employee Benefit?

Retain & Attract Better Employees by Offering a Voluntary Identity Theft Employee Benefit

Voluntary benefits are an affordable and marketable approach to boosting employee retention, job satisfaction, and even revenue for companies in all industries. However, only 14% of companies offered a voluntary identity theft employee benefit in 2018.

As the name suggests, voluntary benefits are optional for employees. They can pick and choose from a list of offered benefits to create a custom package that meets all of their coverage needs.

With such a small percentage of American companies offering identity theft coverage, our team at Benefits Solutions Group decided it was time to explain how offering this voluntary benefit can help companies and employees alike.

How Identity Theft Affects a Company’s Bottom Line

While identity theft is considered a battle fought on personal time, its effects can leak into the workplace as well. A report by the Identity Theft Resources Center discovered that 22% of respondents needed to take time off of work to deal with their identity theft cases. More than a quarter (30%) stated they lost interest in work and activities.

Moreover, nearly 60 million Americans having been affected by identity theft in 2018, no employee or team is safe from identity theft.

Whether an employee’s identity theft can be linked to a data breach at work or a lapse in protection on a personal level, offering a voluntary identity theft employee benefit can protect your business from lost productivity and low employee morale.

4 Steps Employers Can Take to Protect Employee Information

Below are several critical steps you can take as a business owner to help protect your employees’ personal data.

Educate

Many Americans have a false sense of security when it comes to identity theft. Training employees on cybersecurity and proper online practices can be beneficial and eye-opening. Teach employees how to spot suspicious emails, safely store passwords, and communicate personal information when online.

Whether you choose to hold an annual class, send out a detailed memo, or just provide paperwork in the breakroom, the provided information can help prevent identity theft within your team.

Establish storage protocols

Team members that handle personal employee data should have a detailed understanding of how to store and protect such data as social security numbers, birthdates, and driver’s license numbers. Store documents in a secured cloud and use password protection on files stored on a company server.

Even in today’s digital age, there are still paper documents to protect as well. It’s always a good idea to shred paperwork containing personal information before disposing of it.

Invest in cybersecurity services 

Investing in cybersecurity is a wise move not just for protecting your employees but also your business. Breaches are becoming more common, with 58% of small and medium sized businesses experiencing a data breach in 2018.

Make sure the service you chose provides around the clock communication options and has a great track record of keeping companies safe from cyber attacks.

Offer voluntary benefits

Finally, consider offering identity theft protection as a voluntary benefit. Even if you do everything you can to protect an employee’s personal data on your end, breaches happen on a personal level as well.

There are several benefits associated with offering identity theft protection to your employees, including the following.

  • No cost: Whether one employee or a thousand sign up for identity theft protection, you won’t pay anything towards premiums.
  • Boosts morale: Employees tend to be more engaged when benefits are a priority to their employer.
  • Open enrollment: Unlike other benefits, identity theft coverage is available anytime throughout the year.

There are also benefits for employees, in addition to the provided protection.

  • Affordable rates: When identity theft protection is offered through an employer, rates are incredibly competitive.
  • Simple to secure: Once enrolled, premiums are deducted from an employee’s paycheck, making it simple for employees to retain coverage.
  • Not based on employment: Should an employee resign or be terminated, they can take their identity theft coverage with them, though they will be responsible for paying the premiums on their own.

LifeLock – A Voluntary Identity Theft Employee Benefit

There are plenty of identity theft coverage providers on the market. While each has its own unique advantages and setbacks, LifeLock is a favorite identity theft employee benefit product offered by Benefits Solutions Group.

LifeLock provides identity theft monitoring, alert, and recovery services to its clients. While it’s important to understand that identity theft can never be fully prevented, those with LifeLock coverage can sleep easier knowing that should they fall victim to identity theft, they’ll have a team standing by to quickly alert them and begin the recovery process.

Offering a voluntary identity theft employee benefit such as LifeLock can help you create a competitive benefits package that attracts quality candidates and satisfies the needs of current employees. Learn more about LifeLock and other voluntary benefits offered by Benefits Solutions Group to improve your company’s benefits.

Contact us today for a custom benefits package quote.