4 family-friendly benefits to support employees. Work-life balance is an important focus for workforces. Consider these 4 family-friendly benefits to support employee growth and financial wellness.
Employers are investing in the work-life balance, with a keen focus on supporting families. About 60% of U.S. employers say family-friendly benefits have been critical to their talent strategy, according to a Willis Towers Watson survey.
Family-friendly financial benefits aim to support employees at all stages of their family-planning journey, from adoption and conception to planning for the family’s future. Here are 4 family-friendly benefit options for your team.
4 family-friendly benefits to help support families at any stage
1. Accessible fertility benefits
About 60% of employees said that family-forming and fertility issues have impacted their work performance, according to the National Infertility Association, and 77% said they’d stay with their employer at their company longer if fertility benefits were offered.
Fertility benefits enable all employees — regardless of gender, sexual orientation, relationship status or physical health — the opportunity to build a family.
Common fertility benefits, per the International Foundation of Employee Benefit Plans (IFEBP), include:
- Fertility medications
- In vitro fertilization (IVF) treatments
- Visits with health counselors (e.g., surrogacy advisors)
- Genetic testing
Almost 25% of employers offer fertility medications and IVF treatments to employees. More expansive plans are emerging with egg freezing and non-IVF fertility treatments.
Fertility benefits can foster an inclusive and equitable workplace and approach to family, particularly for LGBTQ+ employees and single prospective parents.
2. Equally accessible benefits options for adoption
Fewer employers offer benefits for adoptive parents; however, this is changing. Almost 30% of employers offer paid adoption leave, which `gives adoptive parents time to bond with their children of any age, according to the Society for Human Resource Management (SHRM). Other employers have also introduced foster leave.
Adoption reimbursement and other financial assistance are also gaining traction. The cost of adoption can be thousands, and ultimately present a financial barrier to family building and security. Employers can equitably support employees looking to adopt by helping remove any barriers to a successful adoption.
Moreover, studies have shown that adoption benefits improve employee loyalty and retention at companies, even for employees who do not intend on using the benefits themselves. This is because just by offering adoption benefits, the employer is viewed as sensitive and caring, to even the most personal employee needs.
3. Parental leave, beyond the federal minimum
Under federal law, employees are only guaranteed 12 workweeks of unpaid family medical leave; however, this only applies if their employer is a public organization or company with 50+ employees. For many, this isn’t enough. Many families cannot afford unpaid leave, causing many women to choose between caregiving and work.
And women choose caregiving, in mass numbers. Between 2020 and 2021, over 2.3 million women have exited the workforce, dropping the women participation rate to historic lows since 1988, a SHRM report said.
To support the work-life balance of all employees, companies started offering their own parental leave policies beyond the federal minimum, according to SHRM, such as:
- Paid maternity leave, including family/parental leave (53%)
- Paid paternity leave, including family/parental leave (44%)
- Paid parental leave (39%)
Rather than only focusing on leave for birth-giving parents only, parental leave is to support birthing and non-birthing parents of all genders. In addition, paid leave, even if it’s a percentage, can help alleviate income loss and financial stress.
4. Family-friendly financial wellness resources to aide in family planning from start to finish
Pre- and post-pandemic economics have caused deep financial stress, and financial stress looks different from family-to-family. For some, it is planning for retirement, while for others, it’s budgeting for daycare, which can cost upward of $1000 a month. Nonetheless, employees are looking for financial wellness resources to support their family and financial goals, at all stages of life.
More than half of millennial parents say that kids are more expensive than they thought, according to a Bank of America report. Budgeting and calculating resources can help assess the true cost of family expansion, especially for first-time parents.
More than 60% of Americans live paycheck to paycheck, according to a recent LendingClub report. And almost half find it difficult to pay their monthly bills on time, according to PwC. So, for some families, their financial goal is to simply live within their means. Others may focus on saving for a newborn, college or retirement. Regardless of the financial issue, the best financial wellness resources personalize their solutions to each employees’ needs.
Looking for a family-friendly financial wellness solution fit for all? Check out Best Money Moves.
Best Money Moves is a financial wellness solution designed to help dial down employees’ most top-of-mind financial stresses. As a comprehensive financial wellbeing solution, Best Money Moves offers 1:1 money coaching, budgeting tools and other resources to improve employee financial wellbeing. Our AI platform, with a human-centered design, is easy to use and fit for employees of any age.
Whether it be college planning or securing a mortgage, Best Money Moves can guide employees through the most difficult financial times and topics. Our dedicated resources, partner offerings and 700+ article library makes Best Money Moves a leading benefit in bettering employee financial wellness.
To learn more about Best Money Moves Financial Wellness Platform, let’s schedule a call. Contact us and we’ll reach out to you soon.