Why family-building benefits are necessary for modern employer coverage

Retaining and attracting top talent is no small feat, especially in the modern working world. Although headlines about The Great Resignation have subsided, 1 in 3 employees still plans to find a new job in 2023, according to industry research.

This stat is a double-edged sword for recruiters. It suggests the stagnant labor market will soon become comparably fluid. Yet, it also demonstrates that workers are highly motivated to find a different employer in the new year, especially if their work life doesn’t meet expectations. To retain these high-performing workers — and recruit top talent — employers must provide meaningful incentives.

Heading into 2023, benefits that boost productivity and retention will be more critical than ever. But what qualifies as a significant benefits package? Instead of hosting Taco Tuesdays or placing foosball tables in the lounge, employers must provide life-affirming offerings that impact workers on and off the job. Here is why family-building benefits classify as essential for employees and organizational success.

Family-building benefits have an indelible impact on employees

Employees who take advantage of inclusive benefits see profound results. Solutions like fertility support, hormone replacement therapy (HRT) and postpartum coaching can have an outsized — even life-saving — impact on an individual.

For example, community-based doula care can improve pregnancy outcomes for expectant Black mothers, contributing to fewer C-sections, a higher percentage of full-term births and lower rates of postpartum depression. This is critical for many reasons, but especially because Black women in the U.S. are three to four times more likely to die from pregnancy-related conditions when compared to their white peers. Greater access to family-building solutions like coaching and doula care is essential to bridging that gap, especially when providers ensure access to diverse doulas.

Similarly, inclusive therapy options like HRT and low-T treatment can address mental health concerns for trans employees and men over the age of 40, respectively. Depression and anxiety are leading side effects of hormone imbalance, and perhaps needless to say, have a significant impact on an employee’s productivity and happiness. Employers have a keen vested interest in seeing their employees satisfied and healthy.

A key takeaway here is that inclusive family-building options do more than just attract outside talent. These solutions also improve existing employees’ quality of life, creating a healthier workplace and an inclusive, worker-first culture that individuals are far less likely to leave.

Modern benefits packages are incomplete without inclusive offerings

Increasingly, prospective employees seek workplaces that bring more to the table than traditional health care packages or unlimited time off. Many young professionals, particularly members of Gen Z, choose organizations based on their commitment to diversity, equity and inclusion (DEI). And fostering an inclusive culture goes way beyond corporate platitudes. Employers must create an environment where all employees have equitable access to opportunities, both on and off the job, as often as possible.

But unfortunately, many minorities still face additional barriers in the workplace. One-fourth of LGBTQ+ employees report experiencing discrimination at work — that translates to more than two million LGBTQ+ employees. Although many states have passed legislation prohibiting workplace discrimination, leaders must take extra steps to establish absolute equity in their organizations.

Inclusive offerings are critical to chipping away at the disparities in treatment LGBTQ+ employees receive compared to their cisgender and straight colleagues. Consider that 63% of LGBTQ+ millennials intend to have children through assisted reproductive technology like in vitro fertilization (IVF). This is a marked increase from Generation X, whose members had little choice but to conceive traditionally. A single IVF cycle can cost employees up to $30,000 out-of-pocket, and repeat cycles are frequently necessary. This degree of financial burden and stress will inevitably impact an employee’s mental wellbeing.

Furthermore, organizations that neglect to offer family-building solutions will ultimately leave all employees feeling undervalued — whether from lack of access to necessary gender-related care or insufficient support for medically critical paternal care. As it becomes increasingly important to make employees feel appreciated and stimulated at work, inclusive benefits packages will become even more mission-critical.

Where can organizations go from here?

Family-building benefits are necessary for the modern workplace — but the price tag associated with traditional health care offerings may create the impression that inclusive benefits are a luxury. Fortunately, this is not the case. Leading providers offset employer costs by consolidating all coverage into one platform or portal, eliminating the need for point solutions.

Leaders deciding which benefits to adopt should consider their organization and employees’ specific challenges. For example, fully remote offices in particular stand to gain from geographically non-specific benefits like travel reimbursement. Although the particulars will vary by benefits provider, travel reimbursement programs typically subsidize any travel employees undertake to reach medical services out of their area.

Due diligence is essential in this stage, but deciding to provide inclusive benefits is an important and weighty step worth celebrating. Leaders who prioritize a comprehensive approach to benefits set themselves, their organization and its employees apart. Just as important, they set their team up for success — not just today, but for the foreseeable future.

Jeni Mayorskaya is the founder and CEO of Stork Club.