At Vesta, we believe that everyone, regardless of their race, gender, sexual orientation, or marital status, deserves the same opportunity to achieve their dreams. For many couples and individuals seeking to start a family, fertility difficulties can be an ordeal that impairs them from attaining what they have been longing for to have a child of their own. And for others, including LGBTQIA+ couples and individuals, single parents, and those who choose to build their family through non-traditional methods, cost and complex processes can be barriers to achieving their goal.
This is where employers come into play. According to a survey conducted by WTW, “Few employers indicate that they are well positioned to meet the health benefit needs of their diverse workforce today (57%) and in the future (49%).” By offering inclusive family-building benefits to your employees, you’re helping them achieve their dreams of starting or expanding their family and gaining several benefits resulting from a more satisfied, productive, and retained workforce.
Increased Employee Satisfaction
By offering fertility benefits, you’re demonstrating to your employees that their well-being and happiness are a priority to the company. With the overall workforce demographic becoming more and more diverse, it’s important to note that access to fertility care is a top priority for many LGBTQ+ and minority groups who have been historically underserved. By providing this type of benefit, employers can demonstrate their commitment to inclusivity and lead the way in advocating for diversity and inclusion.
Reduced stress levels and heightened emotional well-being can lead to better performance and increased productivity. Also, the ability to plan for leave and time off in a structured manner provides predictability for employees and the team, preventing last-minute absences and overall work disruptions. In a BBC interview, Chief People and diversity officer Tara Ataya of Hootsuite reported that employee-engagement score jumped from 66% to 81%, and when workers were surveyed again in 2021, Ataya saw a 12% increase in individuals who agreed with the statement that “benefits were fair” within the company.
Investing in your employee’s health and family goals through inclusive family-building benefits can significantly contribute to employee retention. In fact, according to Maven’s 2023 survey, “36% of employees have left or considered leaving a job because of inadequate family benefits”. As many employees seek companies that match their values and offer a familial work environment, providing these benefits can increase employee loyalty.
Enhanced Recruitment Opportunities
Having an employer that offers inclusive family-building benefits is an attractive recruiting factor for many prospective employees. Not only does offering inclusive family-building benefits attract diverse employees but according to Glassdoor, “More than 3 out of 4 job seekers and employees (76%) report that a diverse workforce is an important factor when evaluating companies and job offers. This means that, whether or not your company is interested in increasing its diversity, most candidates are nevertheless evaluating diversity when they research your company and during the interview process.” The expectations have changed, and if companies do not offer diverse offerings for employees, their competition will.
From a legal standpoint, some states require fertility coverage must be added to employers’ offerings to comply with state and local mandates. Mandated states typically require insurance carriers to include fertility-necessary components at a higher, fixed rate. Employers who don’t comply with these state mandates could face financial penalties, poor reputations, or legal risks. Moreover, fertility benefits alone do not cover other areas of inclusive family building, leaving a lot of employees without coverage that fits their diverse needs.
Empower Your Workforce with Inclusive Family-Building Benefits
It’s easy to see the vast benefits to both employers and employees when providing inclusive family-building benefits. No matter the size of the company or the industry, offering benefits that support the diverse building of families should be a no-brainer, a testament that companies are committed to inclusivity and diversity. As Ernest Hemingway once wrote, “The world breaks everyone, and afterward, some are strong at the broken places.” By providing inclusive family-building benefits, employers can help employees become stronger at the broken places, further strengthening our workforce as a whole. That is something we can all get behind.
Contact Vesta today to learn more about how we can help your company provide inclusive family-building benefits and foster a more diverse and supportive workplace environment.