The term “family-friendly” conjures up images of policies and practices designed to make it easier for employees to balance their work with time spent caring for their families, like flexible schedules, on-site childcare facilities, and generous leave policies. However, there’s another side to family-friendly companies that might not be as apparent: ensuring employees have access to an equitable benefits package that can keep them financially secure and mentally healthy throughout their family-building process.
Introduction
It’s no secret that there is a growing issue of work-life balance in the workplace. You’ve likely heard about “Quiet quitting” and “The Great Resignation.” Even Beyonce is on this trend and wrote a song about it as the anthem to those going solo.
More and more, people are struggling to find a balance between the two; when they realize they can’t maintain the status quo, they opt to leave their place of employment for a new position rather than look for ways to change things from within.
When you look at why these professionals leave, it’s not just about money; in fact, less than half of them care about salary. Instead, a growing number of workers leave for better work-life balance and more diverse benefits. Worse, according to a Gallup poll, at least 50% of the current U.S. workforce are “Quiet Quitters” — employees who stay but put in the minimum effort necessary to keep their job.
The Impact of Quiet Quitting
Quiet quitting is the idea that an employee is not outright leaving their job, but they are giving up on going above and beyond in their role, which can significantly impact employers. Low engagement among employees cost the global economy $7.8 trillion in lost productivity, according to Gallup’s 2021 State of the Global Workplace report.
While older workers tend to embrace the “rise and grind” lifestyle, younger generations are changing the idea of what work-life balance means. Younger employees are more likely to job-hop or put in just enough effort to get by under the radar; work-life balance is a must for Millenials and Gen Z.
The Benefits of a Work-Life Balance for Employees
A work-life balance is about striking the perfect balance between your job and your other responsibilities outside of work. It’s important to take into account all aspects of your life – family, friends, hobbies – as well as any time constraints.
There are many benefits for employers and employees alike when it comes to a work-life balance. Employers can benefit from reduced absenteeism, more productive employees, and reduced turnover rates. In addition, businesses with engaged workers have 23% higher profits than those whose workers are not thriving. Employees may find themselves feeling less stressed and more satisfied in both their personal and professional life.
There are many ways that companies can help employees who struggle with balancing these two parts of their lives. Prioritizing your employees’ well-being can establish the workplace as a supportive environment that helps your employees reach their full potential, both personally and professionally.
How to Counterbalance Quiet Quitting with Supportive Benefits
So how can employers combat employee turnover and quiet quitting? Listen to and invest in your workers.
According to Harvard Business Review, employers are asking for increasing effort from employees while not providing enough of a return.
“Furthermore, while going above and beyond can come at a cost for employees, in a healthy organization, these costs are typically counterbalanced by benefits such as increased social capital, well-being, and career success.”
Establishing a family-friendly benefits package has been shown to increase employees’ long-term loyalty. A recent study from FertilityIQ 2019-2020 Family-Building Workplace Index found that 61% of employees who received fertility coverage from their employer felt more committed as a result.
From family planning to post-pregnancy support, a diverse and inclusive family-building benefit can help to reduce not only the financial burden for employees but can decrease stress and anxiety as well.
Companies that offer comprehensive benefits, including emotional and financial support during the family-building process, enjoy more engaged, productive employees due to the fact that they are not expected to navigate the monetary and mental health burdens that typically accompany fertility treatments alone.
But what about those who choose to build their families through adoption, foster care, surrogacy, or egg donation? These family-building methods are often overlooked when it comes to family-building benefits packages.
Every year, families in the U.S. adopt approximately 135,000 children and the global surrogacy market is projected to reach $201.40 million by 2025, growing at a CAGR of 6.1% from 2021 to 2025.**
A gap in affordable and inclusive family-building benefits can cause employees to seek other employment opportunities.
Furthermore, workplace demographics are changing. Tomorrow’s workforce will be even more diverse than today’s in terms of gender, ethnicity, culture, religion, sexual preference, and perhaps other characteristics we don’t know about yet. 77% of LGBTQ+ millennials (ages 18-35) are already parents or are considering having children — a 44% increase over previous generations.
Offering fully-inclusive benefits to help employees achieve major life goals like starting or adding to their family is a must in order to attract and retain top-tier talent.
Conclusion
Diversity, Equity, and Inclusion (DEI) leaders should focus on what employees value most in order to truly embrace the future of the workforce.
One of the best ways to invest in your employees is by providing them with a diverse and inclusive family-building benefits package that offers benefits designed not only for infertility but for adoption, foster care, and third-party family-building options like surrogacy and egg donation as well.
Since offering these types of programs is becoming a major deciding factor for professionals when choosing where to work, it’s crucial to establish your company as an employer of distinction when it comes to balancing work and life priorities.
To learn more about how Vesta for Families can assist your employees, contact us today!
