Family benefits policies are gaining significant importance, according to a survey conducted by the Maven Clinic, an organization specializing in family planning that collaborates with businesses to offer reproductive and family benefits to employees.
The Maven survey, which included 1,100 employees and 600 HR professionals, indicated that nearly two-thirds of employers plan to enhance their family benefits offerings.
The reason? Nearly 90% of the employers surveyed believe that employees put a high value on family benefits.
Maven's data also showed that over a third of employees have either left or considered leaving a job due to inadequate family benefits, and almost two-thirds have missed work due to family health issues.
The report examines various family benefits, including reproductive health benefits, which have recently come under scrutiny due to the Supreme Court decision overturning Roe v. Wade.
"At a time when the economic backdrop is uncertain, what is clear is that employers increasingly view fertility and family benefits as fundamental to their long-term talent strategies — and employees view them as table stakes," said Kate Ryder, founder and CEO of Maven Clinic. "Benefits like fertility coverage and menopause support are at the top of the list for employees and HR decision-makers alike, which bodes well for the future of work."
Key findings from Maven’s report include:
- Nearly two-thirds of employers (63%) say they are planning to increase their fertility and family benefits investment in the next two to three years.
- Employers are investing in reproductive health benefits in the face of evolving reproductive health restrictions in the U.S.: 71% of companies say they are adding or planning to add benefits or policies to accommodate reproductive health needs following the overturning of Roe v. Wade. Almost half (48%) of employees reported they feel more anxious due to the current economic climate and Roe v. Wade being overturned. Of these workers, 46% say that this anxiety is affecting their productivity at work.
- More than half of global employers say benefits parity is a top priority: More than half of all companies (54%) rank global parity in family health benefits as a top priority, and 91% of companies with a global workforce say that family benefits are extremely important to prospective and current employees.
- Despite increased investment in fertility and family benefits, gaps persist between what employees need and what employers currently offer: 41% of employees feel that their employer could better support their family and reproductive health needs, and 64% of employees have missed work this year because of their fertility and family health needs.
The bottom line here? Everyday medical, dental and vision coverage are often just not enough to attract and retain top talent.
Indeed, companies have come to recognize that they need to offer employees a more personalized, family-friendly healthcare benefits package, especially given that younger workers now make up the largest share of the workforce.
The Mahoney Group, based in Mesa, Ariz., is one of the largest independent insurance and employee benefits brokerages in the U.S. An employee-owned organization, we’ve been providing our clients with the confidence to face whatever lies ahead for more than 100 years. For more information, contact us online or call 877-440-3304.
This article is not intended to be exhaustive, nor should any discussion or opinions be construed as legal advice. Readers should contact legal counsel or an insurance professional for appropriate advice.