With so many working parents signaling the need for more support from their employers during COVID-19, you may be looking to make space for family benefits in your budget this year. To help you get this new line item approved by the CEO, we compiled a few of the most important points when it comes to making the case for family benefits.
3 ways family benefits support the needs of your organization
1. Support the wellbeing of employees
The average employee spends more than one-third of their waking hours at work. With how much time employees dedicate to their jobs, it can be challenging for them to prioritize their own wellbeing. Working parents, in particular, are having an especially tough time with this due to COVID-19. We found that parents are sacrificing their own wellbeing as they navigate challenges with child care.
That’s why most people turn to their organizations to provide them with the resources to manage their mental and physical health. Unfortunately, 57% of workers don’t feel supported by their employers— which is why burnout rates are at an all-time high right now. That’s where family benefits can play a powerful role. 29% of our members say that having access to a benefit like Maven has helped them with their anxiety and depression.
Not only will family benefits relieve your employees of their stress, but a survey we conducted with Great Place To Work also found that companies that invest in employees and their families see 5.5 times more revenue growth thanks to higher diverse talent retention, greater innovation, and increased productivity. 77% of employees also believe that wellness programs positively impact company culture.
2. Promote diversity, equity, and inclusion
Family benefits present an opportunity for companies to demonstrate their commitment to diversity, equity, and inclusion (DE&I). Unfortunately, many traditional health plans aren’t inclusive of all employees—especially when it comes to the LGBTQ+ community, single mothers, and underrepresented racial groups.
For example, some health plans won't cover in vitro fertilization (IVF) without a diagnosis of infertility—despite the fact that this isn't applicable to same-sex couples, who may not struggle with infertility but want to use IVF to grow their family. Many organizations also don’t address the disparities that exist among different groups, such as the fact that working women and Black women are the most at-risk populations for burnout.
Offering inclusive family benefits that support the needs of your entire workforce can create an inclusive culture where employees feel a sense of support and belonging. This investment can have a trickle-down effect on retention rates, recruiting efforts, and company loyalty. Specifically:
- When companies reduce burnout, their employees are 20x more likely to stay
- 35% of an employee’s emotional investment in their work and 20% of their desire to stay at their organization is linked to feelings of inclusion
- Organizations with inclusive business cultures and practices are 57.8% more likely to improve their reputations and therefore be more attractive to candidates
3. Create a great place to work
Your CEO ultimately cares deeply about creating a great place to work. This means establishing a company culture where employees feel supported, motivated, and safe bringing their whole selves to their jobs. It’s unsurprising then that the Best Workplaces for parents are investing in benefits that provide continuous care and holistic support for parents.
Specifically, 81% of Best Workplaces are providing reimbursement for fertility treatments, 49% are providing telemedicine for pregnant and postpartum families, 52% are offering breast milk shipping, and 78% are helping working parents find childcare. In other words, the best companies are thinking beyond the standard parental leave and supporting employees with benefits that address the entire journey of planning and raising a family.
With the right approach, family benefits have the potential to strengthen your company culture, make your employees feel deeply supported, and generate positive business outcomes. When discussing this offering with your CEO, make sure to present a balanced business case using the points we outlined in this post. If you want to learn how Maven can support the needs of your company, request a demo.
Maven is the benefit employers need
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