People have less discretionary money but are still concerned about their families' financial security, and in that may lie continued growth for the voluntary worksite benefits business, experts say.
On top of the impact of the recession, developments in health care reform may present new opportunities as well as challenges for vendors of worksite products, they note.
"I think that's a strong opportunity for us," says Stephanie Smith, director of voluntary benefits for Unum Group Corp., Chattanooga, Tenn. speaking about health care reform. "I expect to see modest growth [in 2010], with more companies shifting benefit costs to employees."
Among Unum's plans for the year is the launch of an enhanced short term disability option for its Simply Unum package, which is an integrated product platform that blends group and voluntary, backed by a Web site that permits simplified administration.
"A leading indicator for us would be the stabilizing of the unemployment rate," Smith says. She believes that will turn the attention of human resources managers away from shrinking the workforce toward enhancing benefits. "Now they're deferring decisions on benefit programs, so we hope to see some improvement if the unemployment rate stabilizes," Smith says.
Randy Stram, vice president of institutional sales for MetLife Inc., New York, says employers' interest in decision-support tools for employees in picking and changing benefits will continue through 2010. 
"There will be a continued focus by employers on retaining employees and on increasing their productivity, loyalty and engagement." Stram says. "The conclusion many employers are coming to is to offer increased levels of voluntary and group benefits," he adds, noting a recent MetLife study finding that 90% of employees are interested in seeing more benefits.
Elena Wu, a vice president of group marketing and worksite for Guardian Life Insurance Company of America, New York, also cites a recent survey by her company that shows the strong importance employees attach to their benefits. Guardian's survey found 57% of employees said they would take a salary cut to maintain their current level of benefits coverage.
