Employee benefits packages are designed to help families manage their finances and protect their long-term economic health. As part of the worker’s overall compensation, benefits typically include health insurance, life insurance, disability insurance, retirement savings plans, and other types of coverage.
In the modern workplace, family benefits are becoming increasingly important to employees. With more people working remotely, and many unable to take traditional family vacations due to the pandemic among other reasons, it’s no surprise that employees are looking for ways to keep their families connected and supported.
Employees Increasingly Value Family-Friendly Benefits
Family-friendly benefits are becoming more and more attractive to employees. They provide employees with increased flexibility in juggling work life and home life. This encourages peace of mind and a sense of security when it comes to their family’s future that allows them to more fully focus on their job-related obligations when they are at work.
Companies that offer flexible work schedules, parental leave policies, and other family-friendly benefits have an advantage in attracting and retaining top talent.
In addition, providing these types of benefits can help improve employee morale and productivity. As such, it is essential for employers to understand the value of family benefits in order to stay competitive in today’s job market.
Unfortunately, these benefits are often the first to be cut when it comes to reducing expenses in the workplace.
Problems in the Workplace
Employers and workers alike feel the pressure due to the lack of economic stability. During times of economic unease, companies will often take a look at their employee benefits as a way to reduce costs while protecting jobs and preserving wages. Although this can seem to be the lesser of two evils, it can also be a substantial source of fear and anxiety for many workers.
Plus, after the Supreme Court’s decision to overturn Roe v. Wade brought reproductive rights into question, workers have increasingly been concerned about their access to reproductive health benefits. In fact, nearly 41% of employees feel their employers could do more, with almost one in ten considering changing jobs for one with better benefits.
These conflicting objectives may make reductions to family benefits appealing to employers while they directly oppose the preference of the workers. Feeling valued and appreciated as a member of the team is essential for people to feel secure and comfortable with the stability of their jobs.
When an individual’s employee benefits are secure and they know they can expect reasonable compensation in the future, their satisfaction increases along with their motivation. This leads to a heightened sense of responsibility for their job and a higher level of performance that is worthy of note. Additionally, it also increases their loyalty to the company.
Basic Family Benefits Package
Many employers offer their employees a basic family benefits package. Unfortunately, it usually does the minimum toward caring for the needs of their workers and their families.
Most packages include the following:
- Family health benefits parity globally
- Fertility and adoption support
- Maternity and parenting support
- Postpartum and pediatric care
- Reproductive health care
Unfortunately, there is a growing disparity between the family benefits packages offered by employers and the ones wanted by employees. This gap often leads to a lack of job satisfaction among employees, which can lead to decreased productivity and higher turnover rates.
The Disparity in Family Benefits
Studies show that nearly 2/3 of employees have either left or considered leaving a job without decent family benefits. Furthermore, an even larger percentage have had to miss work or lose opportunities because of concerns related to their family’s health.
These statistics demonstrate the importance of providing adequate family benefits in the workplace. Evidently, family benefits policies are prized more highly than ever.
In addition to the typical benefits offered by the majority of U.S. companies, workers have identified the following as areas where the packages offered by their companies often fall short.
- Caregiver support
- Paid parental and caregiver leave
- Preconception support
- Reproductive health support
Fortunately, there are solutions.
In order to bridge this gap, employers must take into account the needs of their employees when creating family benefits packages. They should consider things like childcare options, flexible work hours, family health insurance coverage, and other benefits that could help improve employee morale and well-being.
This could begin with a dialogue with employees encouraging them to identify where they feel the need most greatly. Assess which areas would provide the most improvement in the lives of the greatest number of employees. Communication ensures they feel part of the solution. Their needs are being met.
By taking these steps, employers can ensure that they are providing fair and equitable family benefits packages that meet the needs of both themselves and their employees.