Not only is it challenging to keep employees engaged in the workplace, there's also an ever-growing demand for work-life balance. If this isn't something you're currently focused on in your business, it can lead to a significant loss for you as an employer. Since employees spend most of their week working, keeping their focus is pivotal, especially for working parents.
Eye-opening statistics, BenefitsPro has reported that 60% of employees have considered leaving their jobs because of inadequate family benefits. This gap must be addressed to create a more supportive work environment. The solution needs to be reevaluating benefit packages to better align with employees' genuine needs and desires.
2024: The Year of Family Benefits
Heading into 2024, we're positive that family benefits will dominate the workplace landscape, and the companies that adapt will retain top talent and gain productivity. But to take it a step further, this is about an employer's commitment to solidifying their employee's work-life balance irrespective of their life stage.
The Inclusivity Imperative
When it comes to inclusivity, this shouldn't be a one-size-fits-all concept. When you tailor policies and practices to accommodate the different needs of your employees, it creates a more robust workplace. For example, only some employees will need vision insurance, so family benefits should be presented as components of a comprehensive benefits package.
Key Trends Shaping the Landscape
Here are some noteworthy trends that can be helpful for your family and wellness benefits practices:
- Flexible Work Arrangements: Even as more companies bring employees back to the office, the demand for flexible working arrangements remains high. Parents are requesting schedules to accommodate family needs, fostering both presence and productivity.
- Childcare Benefits: The ongoing childcare crisis in the U.S. calls for employers to step in with supportive benefits. The provision of childcare benefits can significantly ease the burden on working parents.
- Health and Wellness: With a heightened focus on mental health, meaningful health and wellness benefits are essential. Access to counseling, gym stipends, and comprehensive healthcare contribute to a positive workplace.
- End-to-End Family Planning: Recognizing the diverse paths to building a family, companies are expanding benefits. This includes fertility benefits, adoption support, and often-overlooked maternal benefits like lactation support and extended parental leave.
The Imperative for a Supportive Workplace
Moving forward into this next year, it's crucial to implement inclusivity into your family benefits. When you support diverse needs, for example, BIPOC women who also face additional household responsibilities, you're cultivating a genuinely supportive and thriving workplace. These considerations are a starting point, so we urge more employers to champion inclusivity and make it work for everyone.