4 Family-Friendly Benefits on the Rise
4 Family-Friendly Benefits on the Rise
Millennials account for the largest generation in the workforce, and an increasing number of employees in this generation are choosing to postpone parenthood.
They are arriving at this decision for a number of reasons such as overwhelming student loan debt and wanting more time for travel and career development. Yet, this can bring on a new set of complications due to the loss of fertility as humans age. Both men and women experience some form of reduced fertility after they reach their mid-30’s. The American College of Obstetricians and Gynecology states that after 35 years of age, a women’s success rate of becoming pregnant on their own drops to 29% while men’s chances drop to 25%.
In May, the U.S. Centers for Disease Control and Prevention and the National Center for Health Statistics reported the number of babies born last year fell 2% since last year, the lowest number in 32 years. Although birth rates have been steadily decreasing, this research also shows that for women in their 40’s, the birth rates increased. This trend is affecting the workforce and employers wishing to attract fresh talent realize that family-friendly benefits need to be a key part of their benefits package. Employers wishing to attract fresh talent are realizing that family-friendly benefits need to be a key part of their benefits package.
Check out these 4 benefits offerings that are top of mind for many prospective employees:
Women are now looking for a more modern approach to having children later in by freezing their eggs. New research out of De Montfort University on why women choose to freeze their eggs states that the number of women undergoing egg freezing is rapidly increasing. In addition, the Center for Disease Control and Prevention (CDC), reports infertility affects approximately 10 percent of Americans. However, only 200 U.S. companies have policies that cover the cost of in vitro fertilization (IVF).
Parental Leaves of Absence
Employees want to know they will be given the time to bond with their newborn or new addition to their family. Today, there are a variety of family dynamics and providing extended parental leave for new parents regardless of the gender of the parent is essential. Over the last five years, this benefit has increased greatly, despite the fact there is no federal policy in place for paid parental leave. It’s not hard to imagine why, when observing the recent data surrounding this offering. According to Ernst & Young’s Global Generational Survey, 83% of American millennials reported they would be more likely to join a company offering strong parental leave benefits. This generation is the largest in today’s workforce and the battle for talent is more competitive than ever. It’s even more important for employers to implement the programs employees’ value.
Flexible Working Arrangements
Flexibility to work remotely allows employees the ability to stay close to their growing family. This type of approach toward work creates a sense of loyalty and trust between the employee and employer, increasing engagement and productivity. Not only is this benefit helpful for the working parent, but it’s an appealing offering that attracts top talent as well. Some of the most competitive companies like Netflix, LinkedIn and Evernote have built flexible working arrangements into policies for their entire workforce. Overall, this offering is less of an exception nowadays for job seekers; 61% of workers left or considered quitting a job because it lacked work flexibility options.
Adoption Assistance Programs
For those employees who do not have the option of conceiving through fertility treatments or IVF, assistance with adoption can be an important alternative to employees. By providing an adoption assistance program that offers financial as well as other types of support, you help adoptive families meet the unique needs that come along with welcoming a new addition.
It’s clear there is growing interest from employers to develop benefits that fit the new generation of employees. With five generations in the workforce, it’s essential to help offset the rising costs of healthcare while also incorporating family-friendly benefits programs. It’s entirely possible to create a cost-effective package to meet the needs of your entire workforce.