In today's rapidly evolving employment landscape, benefits continue to be a significant differentiator for employers. Employees are increasingly analyzing benefits packages, particularly those related to family support, when looking for and applying for roles.

Organizations that proactively invest in and effectively articulate their comprehensive benefits, especially in areas like fertility and reproductive health, will gain a competitive edge in the attraction and retention stakes. According to a recent Gallagher poll, this is critical, as only 29% of employees strongly believe their workplace genuinely cares about their overall wellbeing.

The traditional view of the family unit has undergone a profound transformation and has broadened significantly to embrace diverse family structures, including single parents, chosen and traditional families with dependents.

This shift necessitates a corresponding evolution in design with the need for inclusive benefits that are aligned with broader Inclusion & Diversity initiatives to have a true impact. Employees today seek holistic support from their organizations — emotionally, physically, mentally and financially.

Bridging the awareness gap: A call for comprehensive benefits review

One of the most surprising revelations is the lack of awareness among employees regarding the benefits already available to them. This presents a significant opportunity for employers to conduct a comprehensive benefits review.

A deep dive into employee demographics, taking into account generational and life stage perspectives, is crucial to understanding current needs. Benchmarking against industry standards is also vital, as competitive benefits can serve as a powerful tool for talent attraction and retention. Organizations can therefore make informed decisions about their offerings.

Furthermore, incorporating the "voice” of employees through benefits preference surveys is paramount. During the pandemic, many employers rapidly introduced benefits but without a clear long-term strategy. Assessing which resources are actually being utilized and valued will lead to smarter use of resources.

If legacy benefits are no longer relevant or widely used, organizations have an opportunity to reallocate funding to more in-demand offerings, potentially achieving a “budget neutral” approach (where no increase in cost is incurred). With affordability and cost being major concerns, creativity is key to ensuring investments are directed towards resources that truly benefit both employees and the business.

The rise of "hot" benefits

Expanded PTO and leave policies

  • Paid sick days for family care: This is a firm favorite, allowing employees to care for family members without sacrificing income.
  • Increased flexibility: Employees highly value using PTO for elderly care, childcare and other unexpected life events.
  • Broader leave options: Beyond traditional maternity and paternity leave, there is a significant opportunity to extend policies to cover adoption, foster parenting, bereavement and miscarriage.
  • Alignment with employee expectations: Rethinking and updating leave policies to match employees' evolving needs and expectations is crucial as part of a robust EVP.

Emerging health and family support benefits

  • Menopause and andropause (male menopause) support: These benefits are gaining traction. Our findings revealed that a significant number of plans cover mental health therapy for menopause (49%) and andropause (39%).
  • Fertility health support: Given the trend of delayed parenting, financial planning assistance and subsidies for fertility treatments are becoming vital. These help alleviate the significant costs associated with reproductive health.
  • Comprehensive care subsidies: Organizations can significantly reduce the financial stress of family planning by offering enhanced financial subsidies for childcare, backup care, elder care and adoption.

A holistic approach to wellbeing

Caring for the "whole person" requires a holistic wellbeing approach, which recognizes the interconnectedness of physical, emotional, mental and financial health throughout all life stages.

Management responsibility: The manager-employee relationship profoundly impacts employee performance and engagement. Surprisingly, only 15% of employees strongly agree that their managers are supportive. Encouragingly, 44% of employers focus on training and development to enhance manager communication skills, particularly around sensitive topics like mental health.

Flexible working: Conversations around flexibility are crucial for engaging talent. Increasing employee expectations in this area is forcing a culture shift that employers must embrace to remain competitive.

Supportive culture: Fostering wellbeing and care requires a move away from a siloed benefits perspective. Only 40% of employees felt that their EVP truly reflected their actual experience within the organization — a significant mismatch that can negatively impact engagement, wellbeing, and retention.

Establishing a clear philosophy aligned with regulatory requirements and impactful benefits is crucial. Employers recognize that employees are increasingly seeking organizations that support them as whole individuals and genuinely care for their wellbeing.

NOT FOR REPRINT

© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.