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Amid rising employee expectations and an incredibly competitive labor market, companies are investing more in benefits than ever before. Rampant burnout, especially among working parents, is forcing companies to think about how they support employees with inclusive benefits that support them continuously along every step of their parenting journey. According to a Glassdoor survey, four in five employees would prefer better benefits to a higher salary, and nearly three in four millennials are willing to change jobs for fertility coverage alone. Here’s how to build a family-friendly benefits package your employees will love while boosting your bottom line.
What are family-friendly benefits?
Family-friendly benefits help employees at all life stages—whether planning, building, or raising their families—get the support and care they need while balancing their family priorities with work. These benefits can include:
- Paid family leave
- Digital family health platforms
- Flexible work arrangements
- Lactation support
- Family building and preconception support
- Child care support
- Mental health support
Why employers need to invest in family-friendly benefits
As more companies look to foster equitable, inclusive, and diverse workplaces, family-friendly benefits help them lower costs and compete for the best talent.
- Family-friendly benefits attract top talent: The two most common family-friendly benefits are paid parental leave and fertility support, which correlate highly with overall employee satisfaction. Similarly, organizations that are perceived as offering “special and unique” benefits like egg freezing and adoption support are twice as likely to retain parents.
- Improved benefits lower healthcare costs: Research from the United Nations found that benefits like paid leave and breastfeeding support aren’t just good for families, they’re also good for business, boosting workforce productivity and lowering healthcare costs. Companies that invest in their working parents experience 5.5x the revenue growth of peers thanks to reduced absenteeism, preventable medical costs, and better employee retention.
- Family-friendly benefits advance Diversity, Equity & Inclusion goals: The social determinants of health—life context and factors that affect people’s well-being— account for 60% of health outcomes.Care matching, or pairing patients with medical providers from similar backgrounds, can help address these disparities.
Similarly, benefits like adoption and surrogacy support can also help foster inclusion. In fact, 54% of millennials say they would feel more loyal to their employer if they extended fertility benefits to LGBTQIA+ employees, even if they didn’t use the benefit themselves.
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