2023 is shaping up to be a pivotal year for families in the workplace. Rising inflation, economic uncertainty, and a shifting reproductive health landscape underscore the many challenges facing people starting, and raising families.
For HR teams, caring for their employees’ needs is always top of mind. But as budgets tighten, hard choices have to be made. And while ROI is a consistent priority, getting the most out of family benefits is especially important when every dollar counts. So how can HR teams make smart investments in families in 2023? Maven spoke to 100 HR leaders to find out. Get the full report here, or read on for some key takeaways.
1. Family benefits are even more important in times of economic uncertainty
Even though costs are rising, our research suggests HR teams nationwide are still prioritizing family benefits in 2023. Although two-thirds of respondents say inflation impacts their budgetary decisions, 91% emphasize the importance of family benefits in times of economic uncertainty, and 92% say they plan to maintain if not increase their spend on family benefits in the year ahead.
Why? Companies expect family benefits to play a huge role in talent retention, especially as hiring slows. “These days, things like fertility benefits are table stakes,” says one HR leader. And as a result of the great resignation and quiet quitting phenomena, employee expectations have permanently changed—they want better benefits and stronger work/life balance. So when talent leaves because they don’t have enough support for their families, it’ll cost even more to hire and replace them. Thus, investing in family benefits now can help HR teams reduce short and long term costs for their organization.
2.Clinical outcomes define ROI
With even more eyes on the bottom line than usual, you’d expect ROI to be the top priority for family benefits investments. But surprisingly, our research found that wasn’t the case. Ranking their preferences out of six categories, 25% of respondents said clinical outcomes were their top priority—while business ROI came in fifth or sixth. Clinical outcomes include things like reduced ER visits during pregnancy,reduction of C-sections and NICU stays, and better mental health.
“ROI doesn’t happen immediately, especially with family benefits,” says another HR leader. “Results come down the line, when your support pays off.” To many respondents, it’s better to invest now in the support that your employees are asking for, and track engagement and usage over a longer period of time to evaluate results.
And to the leader quoted above, benefits are considered investments for a reason. “They’re considered cost-centers, so you should think of benefits, especially family benefits, in terms of what they bring to your organization, not necessarily the immediate ROI,” says the HR leader. In other words, your investments should be smart, with far-reaching impacts that go beyond what can be measured in dollars alone.
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