2024 is the year of family benefits

How do I keep my employees engaged? The age old question, and one that has become increasingly difficult to answer. More than ever before, employees are being pulled in multiple directions and work life balance has become a top priority. If you don’t prioritize this as an employer, you could find yourself at a loss.

Employees spend a majority of their week at work, so it’s important that while they’re there, they can focus. But when they have competing responsibilities (which we all inherently do), it can be challenging. This is especially true for working parents.

The numbers don’t lie — 60% of employees are leaving or have considered leaving their jobs due to inadequate family benefits. There’s a gap that needs to be filled. Fortunately, there’s a lot employers can do to show their employees they care. One of the easiest ways is to reevaluate the benefits packages they offer to see how they stack up against what employees really want.

As we approach the new year, one thing is clear, 2024 will be the year of family benefits – and employers who don’t get on board are going to lose out on top talent and productivity gains.

The value of family benefits

One of the biggest misconceptions about family benefits is that they’re not valued if a majority of your workforce doesn’t fit the demographic. In reality, it’s quite the opposite. Regardless of demographic, it’s about offering benefits that show your employees you care about work life balance – regardless of where they are in life. Not to mention, data shows that about 7 in 10 people who give birth also hold jobs. So even if these benefits aren’t useful to them now, they more than likely will be in the future – and knowing their employer is aligned with their values is crucial to long term retention.

Think of it this way. Not every employee needs vision insurance, but it’s table stakes to be included in a health care plan. This same mindset should be applied to all benefits.

Inclusivity shouldn’t be approached with a one-size-fits-all or all-or-nothing mentality. Tailor your policies and practices to accommodate different needs and backgrounds and you’ll build a stronger workplace in the process.

Trends to keep on your radar

I consult with employers every day on best practices for family and wellness benefits. While many companies are still behind the curve, there are also many who are doing it right. Each of these benefits have one thing in common: They make it easier for working parents to balance work and family, providing avenues for them to keep their mind on work when they’re in the office and their mind on family when they’re at home.

Flexible work arrangements

For the last few years, flexible working arrangements have been extremely common. However, as more employers are bringing employees back into the office, it’s important not to lose sight of the value of flexibility. Parents are looking for work arrangements that allow them to shift their schedule when family matters arise, and it also helps them be more present when they’re at work. Not to mention, it boosts employee retention: Lack of flexibility is one of the top three reasons women left their employers in the past year.

Childcare benefits

The U.S. has been experiencing a childcare crisis for quite some time. Between a lack of childcare workers and exorbitant costs, many parents are left to decide if working is even worth the expense of childcare. Pandemic-era childcare funding also recently ended, which could cause more than 70,000 providers to close, making the need for childcare benefits even greater. The more employers can offer to ease the burden, the better off they’ll be.

Health and wellness benefits

Meaningful health and wellness benefits continue to be crucial. This year, more than one-third of U.S. workers reported worsening mental health. If employers expect their staff to be fully present, they have to consider the whole person, this includes mental health. Things like access to counseling, gym stipends and great health care are crucial to a positive workplace.

End to end family planning

Building a family looks different for everyone, but what rings true regardless is that the more support available, the easier it is to make it work. More and more companies are offering fertility benefits like stipends or reimbursements for IVF and egg freezing, but other considerations include access to fertility counseling or help with adoption. On the flipside, maternal benefits are often overlooked. Things like lactation support, extended parental leave, services like breast pumping stations and milk refrigeration, and postpartum counseling go a long way when it comes to retaining top talent, boosting employee morale and more.

Related: Navigating the child care cliff: Strategies for employers to support working parents

The year ahead

As you look to the year ahead and consider what matters most to your workforce, it’s important to consider everyone, not just the majority. When you support family benefits, you help support a more diverse workforce. Women, especially BIPOC women, spend more time than men on household responsibilities and yet are often the ones with the least support from their workplace. How can you find ways to support everyone in your workforce? These tips are a start, but it’s time for more employers to step up to make working work for everyone.

Patrice Meagher is the Founder and CEO of MilkMate, an all-in-one multi-user pumping system purpose-built for the workplace wellness room, and advisor on employee wellness solutions.