Interested in better attracting and retaining talent? Consider a strategy that’s being leveraged by more and more U.S. employers: add family-friendly perks to your employee benefits package.
The International Foundation of Employee Benefit Plans (IFEBP) recently surveyed more than 670 HR and benefits professionals and experts from nearly 20 industries, and it found across-the-board increases in family-friendly benefits over the last two years. Specifically:
- Fertility benefits are on the rise: 31% of employers with 500 or more employees now offer some sort of fertility benefit—up from 24% in 2016. The benefits they offer include in vitro fertilization treatments (23%), fertility medications (18%), genetic testing to determine infertility issues (15%), non-IVF fertility treatments (13%), visits with counselors (9%), and egg harvesting or freezing services (7%).
- Paid leave benefits are proliferating: 41% of employers of all sizes offer paid maternity leave—up from 37% in 2016; 32% offer paid paternity leave—up from 24% in 2016; and 21% offer paid adoption leave. Other types of paid leave include paid family/caregiving leave (17%) and paid leave to attend a child’s activities (8%).
- Other family-friendly perks are gaining popularity: 74% of employers offer dependent care flexible spending accounts—up from 69% in 2016; 27% offer resource and referral services for child care—up from 22% in 2016; 17% offer financial assistance for adoption—up from 16% in 2016; and 15% offer 529 plans—up from 10% in 2016.
Expanding the Family-Friendly Category
Employers are also broadening the types of benefits in the family-friendly category. The IFEBP survey found:
- 13% of employers now offer resource and referral services for adopted children
- 12% offer scholarships or paid tuition for employees’ children
- 7% offer emergency/sick child care
- 5% offer on-site or near-site child care
- 3% offer child-care subsidies
Interestingly, a list of the top 10 benefits for 2020, published by Best Money Moves, also highlights the expansion of the family-friendly category, as it’s stacked with perks such as family-planning benefits, paid leave, flexible work schedules, and pet-friendly benefits, among others.
The Business Impact of Family-Friendly Benefits
A more supportive workplace culture and improved talent attraction and retention aren’t the only advantages that family-friendly benefits bestow on employers.
A spokesperson for the IFEBP noted, “These types of benefits help employees address work-life conflicts, while keeping them productive and engaged at work. We’ll see family-friendly benefits continue to grow as part of the larger trend of expanding work-life balance policies to be inclusive of all employees.”
And a 2019 HR Dive article pointed out the far-reaching impact of family-friendly benefits: “Even for employees who don’t have children, family-friendly benefits send a message that the company cares about its workers as individuals, with lives outside the office. This, in turn, can increase employee engagement and satisfaction; disengaged workers pose a serious threat to productivity.”
The depth, breadth and quality of your benefits package arguably is more important than ever, especially in a flourishing job market where the competition for talent continues to be fierce. A 2018 Glassdoor poll showed that benefits are second only to salary as a top concern when people look at job ads … And benefits/perks are the number one factor in motivating them to actually apply to a particular job.
If you’d like to learn more about how family-friendly programs can help your organization attract and retain talent and perform better, contact us here or call us at (866) 675-3751.