Right now, it’s likely that over a quarter of your company’s employees are in some stage of the parenthood journey: either thinking about starting a family, actively trying to get pregnant, currently pregnant, or struggling to balance work and family. However, what makes comprehensive maternity and family benefits so important is that they impact every person in an organization, not just those directly engaging with them.
Employees who aren’t parents or starting families are still thinking about their overall health and wellbeing; they’re thinking about how much they’re valued at work; and they’re thinking about how their current employer fits into their future plans for their career. To remain competitive in the fight for top talent, employers need to ensure that their HR strategies are aligned with this new workplace reality: employees expect an ecosystem of benefits that support them in the workplace and at home.
New generation, new expectations
Today, employees come to work with new expectations about benefit requirements. Traditional incentive strategies aren’t necessarily seen as incentives to millennials, who often value benefits over salary increases. Millennials are also much more likely than older generations to change jobs for benefits, making benefits the new currency for attracting and retaining talent. Employers looking to drive innovation and diversity recognize that keeping top millennial talent on staff is key to their success.
Women make up more than half the workforce
Millennial women increasingly dominate the talent pool, meaning that maternity and family benefits are a high priority for much of the top talent employers are trying to attract. In addition, the increased presence of women in the workforce means cost-reducing maternity and family benefits now have the potential to save employers more money than ever. Women are choosing to have children later, resulting in more high-risk pregnancies, and fertility rates are declining across the board. The financial implication for employers is significant as, according to Ovia Health research, the average employer spends a whopping 10% of their corporate healthcare costs on maternity.
Top millennial talent is hard to retain
Without a corporate culture that reflects a commitment to supporting families, retaining top talent will likely get even harder with time. Each year, more women giving birth elect to leave the workforce as the balancing act becomes too difficult. Replacing these valuable employees can cost up to 33% of an annual salary. And as women assume higher-level and better paid positions, the loss to employers comes at an increasingly steep price.
Ovia Health’s new whitepaper outlines what employers should look for in a maternity and family benefit solution to help them achieve their human resource and cost-containment objectives. Download it now to learn how your organization can enhance benefit offerings to significantly reduce healthcare costs and reflect a commitment to working women and their families.