Attracting talent through family-building benefits

Imagine a woman navigating the heartache of pregnancy loss while silently grappling with infertility. In her quest for fertility coverage, she seeks secondary employment, now pouring 60 to 80 hours a week into her work, all while battling the emotional and financial strains that accompany her situation. This scenario highlights a critical truth: the well-being of aspiring parents within our organizations deserves our utmost attention. It’s time to prioritize their quality of life and create a supportive environment that acknowledges their struggles.

At the core of every thriving organization lies its most valuable asset: its people. In industries where talent is unique and scarce, standing out in a crowded marketplace is essential for attracting top-tier candidates. One of the most compelling ways to enhance your offerings and differentiate your organization is by providing family-building employee benefits. Did you know that approximately one in six people around the world face the heart-wrenching challenge of infertility? According to the World Health Organization, this issue affects both men and women equally, highlighting a widespread occurrence that often goes unspoken. It’s a global phenomenon that can affect anyone, regardless of background or circumstance, underscoring the need for specialized support and understanding.

These benefits not only demonstrate a commitment to employees' personal lives but also foster loyalty, increase job satisfaction, and ultimately contribute to a more engaged and productive workforce. By investing in family-building support, employers can create a powerful magnet for talent, ensuring they attract and retain the best individuals in their fields.

What are family-building benefits?

Family-building benefits are essential offerings that support employees in their journey to start or expand their families. These benefits typically include financial assistance to alleviate the costs associated with fertility treatments, adoption, or surrogacy, as well as comprehensive medical coverage that ensures access to necessary healthcare services.

Paid leave is another critical component, allowing parents to take time off to bond with their new children without the stress of lost income. Additionally, many organizations provide resources for adoption or surrogacy, guiding employees through the often complex processes involved.

Counseling and support for fertility treatments offer emotional and psychological assistance during challenging times. Flexible work arrangements further enhance these benefits, enabling employees to balance their professional responsibilities with family- planning needs.

Ultimately, the goal of family-building benefits is to create a supportive workplace culture that recognizes and values the diverse paths employees may take in their family journeys, fostering loyalty and enhancing overall employee well-being.

Why are family-building benefits important?

Family-building benefits are increasingly important in today’s workplace, driven by several key trends. As employees seek better work-life balance and prioritize mental health, organizations that enhance their employee value proposition with a comprehensive suite of services stand out.

High associated costs:

Some people start families later in life, which can lead to fertility challenges, while the high costs of adoption, surrogacy, and treatment often remain uncovered by standard employer-sponsored health plans. The costs associated with adoption through a private agency can range from $30,000 to $60,000. Surrogacy costs can also vary greatly depending on location and other components, such as legal fees and fertility treatments, but could potentially cost over $200,000 all in. Additionally, the national average for egg freezing cost, including medication, is around $15,000, and there is an additional cost for ongoing storage. This can be cost-prohibitive to employees who may also be dealing with a difficult diagnosis.

LGBTQ+ considerations:

Additionally, there is a growing awareness of the unique family planning needs within the LGBTQ+ community, who could potentially be excluded by medical carriers for not having a medical diagnosis of infertility. Equity in family-building benefits is crucial, as different paths to parenthood come with varying financial implications. According to a Progyny survey, 49% of users were excluded from their fertility medical benefits for this reason.

Impacts of cancer:

Another critical area often overlooked by traditional employer plans is egg freezing. This issue has emerged as a pressing concern in various human resource roundtables, particularly for those with a cancer diagnosis. Cancer treatments can affect fertility in many ways. For instance, some chemotherapy medications destroy eggs, which can narrow the window of opportunity for women to conceive. There are several options available to you, which will be contingent on the patient and treatment. Egg freezing could represent a viable alternative.

Attract and retain talent:

Today, offering fertility benefits is not just a matter of employee support; it’s a strategic imperative for employers aiming to attract and retain top talent, particularly among Millennials and Gen Z. With 73% of these generations believing that their employers should provide fertility coverage, organizations risk turnover in these populations if they fail to consider this need. Many employees are contemplating part-time work or even leaving their current positions in search of companies that prioritize family-building benefits. A Carrot Fertility study indicated that 88% of employees surveyed would consider changing jobs for fertility benefits. These benefits not only enhance employee satisfaction but also strengthens loyalty, as individuals are more likely to remain with an organization that actively supports their family aspirations. According to Progyny, 74% of parents would be more likely to return to work after parental leave if their company offered fertility and family benefits, and 73% feel more loyal to their employer because of their fertility coverage.

To create a truly equitable benefit structure, HR leaders must consider these diverse experiences and ensure that their offerings are inclusive of all family-building options, thereby addressing the needs of various demographics within the organization. Doing so not only alleviates the emotional and financial burdens they face on their journey to parenthood, but also fosters a culture of empathy and inclusivity within the workplace, demonstrating that their personal struggles are valued and understood.

How can Marsh McLennan Agency help?

With Marsh McLennan Agency, you can transform your approach to medical and pharmacy benefit programs by accessing expert analysis of your current offerings, vendor evaluations, and fertility network assessments, ensuring your employees receive the best possible care. We focus on creating tailored benefits that align with your unique needs, allowing you to confidently navigate health care budgeting and make informed decisions that benefit both your workforce and your bottom line. Additionally, we can help implement equitable leave-of-absence programs that support employees throughout their family-building journeys, fostering a workplace culture that attracts and retains top talent while ensuring your workforce feels valued and engaged during significant life events, ultimately enhancing your reputation as a family-friendly workplace.