Explain the types of voluntary benefits that can be included in a compensation package.

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Following are the types of voluntary benefits

Holistic well being: These are designed to improve the physical and mental health of employees. These benefits reduce stress and increase productivity. Example of such benefits are
- Wellness initiatives
- Reimbursement for gym memberships
- Fitness sessions in the office
- Complimentary Healthy snacks
- Work from home
Family Assistance: These benefits are designed to reduce personal stress by sharing responsibility towards the family. Example of benefits are
- Pet health insurance
- Adoption expense coverage
- Baby seating
Work/Life Balance: These benefits give employees time away from work so that they can devote to personal interests and family times. Examples
- Sabbaticals
- Reduced work-weeks
Professional Development: The benefits help in increasing employees skills, advancement of career and reduces boredom. Examples
- Funding of professional trainings
Financial wellness: The aim at improving financial planning of the employees
- Financial coaching
- Theft identification
- Flexible payroll such as on-demand pay, advance pay etc

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