2023 is the year of
family benefits
With more than 70% of employers anticipating employee health benefits to get more expensive in 2023, HR teams are being asked to make tough calls on budgets, benefits, and even headcounts. But with a market for finance and banking talent that’s hotter than ever, how can HR teams provide attractive family benefits packages with tightening belts and shrinking budgets? We surveyed 100 HR leaders to find out how they’re navigating family benefits in 2023.
Family benefits are more important than ever
HR leaders are firm in their commitment to supporting family building in the workplace, especially as it relates to talent acquisition and DE&I efforts
91%
say family benefits are just as, if not more, important during times of uncertainty
79%
plan to maintain or increase their spend on family benefits
92%
say they are keeping the same or increasing the number of family benefits offered
Focus on the outcomes first
Rather than thinking about short-term cost reductions, HR leaders are thinking long-term about healthcare costs, and especially the rising costs associated with labor, delivery, and childcare.
25%
of HR leaders say clinical outcomes is the top priority for a family benefits program, while ROI ranked sixth among other choices.
“ ROI on benefits, especially family health benefits, doesn’t happen immediately. If your company is in the position to provide more help, you will see the results down the line.
HR manager at a leading equity management solution
VP of People at a venture capital firm
“My goal is to have happy, healthy, high-performing teams. If I take care of the ‘happy and healthy’, I know my employees will take care of the ‘high performing.”
Comprehensive benefits provide a better employee experience
33%
of HR leaders say they’re planning to expand their fertility coverage through reimbursements, insurance, or enhanced support
14%
say they were adding support for menopause, which impacts more than 27 million working women each year
20%
say they increased support for parenting and pediatrics, and another 20% added maternity support
36%
say they plan to add or expand mental health services as a part of their family benefits package
80% of respondents said they only work with one to three family benefits vendors, suggesting a desire to consolidate towards more comprehensive solutions.
