2023 is the year of
family benefits
2023 is shaping up to be a pivotal year for tech companies of all sizes and stages. While the economic downturn forces HR teams everywhere to make tough calls on budgets, benefits, and even headcounts, the market for talent is still as hot as ever.
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.
95%
of tech employers say that family benefits are extremely important to prospective and current employees.
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.
Our top priorities, despite the economic downturn, are to provide more support for new parents, increase our investment in fertility and adoption benefits, and look for ways to better support caregivers.
Chief People and Operations Officer at a leading background check technology company
Chief People and Operations Officer of a background check solution
We aim to provide more comprehensive support for reproductive health in general.
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.
"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."
VP of People at a venture capital firm
