Employees are leaving their jobs in search of new opportunities in record numbers. While many companies are leveraging bonuses and pay bumps to attract new workers and keep existing ones, money alone isn’t necessarily enough to change minds. Employers are increasingly using benefits to entice workers to sign on and to stay — 71% of employers see medical and pharmacy benefits as key assets to combating the “talent tsunami,” according to new research from Gallagher. And on the employee side, many of those considering changing jobs are looking for a company that aligns with their values and personal life.
Fertility benefits are uniquely positioned to support employees both financially and emotionally. Paths to parenthood like in vitro fertilization (IVF), donor-assisted reproduction, and adoption are expensive, time-consuming, and stressful. Receiving financial and logistical support can make the difference between whether or not someone goes into debt to form their family — or whether they’re able to take the next step at all. That’s why fertility and family-forming benefits can be a powerful way to attract and retain employees who want to be part of a company that sees them as people, not just employees.
How fertility benefits attract and retain employees
Around 12 out of every 100 couples in the U.S. will need to seek out some sort of fertility treatment to get pregnant. Most of those treatments such as IVF and donor-assisted reproduction are not covered by insurance plans except under certain medical circumstances. Overall, close to 70% of people who go through IVF will go into debt to do so. A gap in access also exists for members of the LGBTQ+ community, who are more likely to pursue adoption or donor-assisted reproduction to grow their families but rarely receive coverage from insurance to pursue these options.
Financial savings improve employee retention and attract top talent
The significant financial impact of fertility treatments helps explain why in Carrot’s Fertility at Work survey, 88% of respondents would change jobs for fertility benefits — and 77% would stay at a company longer if they had access to fertility benefits. Overall, 97% of Carrot members say they would stay longer at their company because of Carrot. Fertility benefits mean a lot to those who have access to them. But not many people do: only 12% of employees have fertility-specific benefits at work. When it comes to treatment options beyond IVF, that number gets even smaller. That means offering inclusive fertility benefits that cover all paths to parenthood can help your company stand out even more than just covering fertility treatments like IVF.
“It’s truly a great recruiting and retention tool that has set Samsara apart from a lot of companies and we are proud of that,” Tanner Brunsdale, Manager of Benefits and HR Operations at Samsara, told Carrot. In a survey, 100% of Samsara employees said they were more likely to stay at the company because of Carrot.
In addition to being expensive, fertility treatments and family-forming journeys like adoption are also logistically challenging and can contribute to presenteeism. Employees may need to miss work and spend time during the day figuring out their next steps — anything from finding clinics and agencies to attending appointments. 74% of employees pursuing family forming admit to researching their options during the workday. Fertility benefits that provide care coordination can help employees save time on research by identifying high-quality clinics and agencies, simplifying appointment booking, and guiding them toward their next steps.
How fertility benefits support remote workers
The promise of permanent remote work is another tool employers are using to recruit and retain employees. This rise in remote work and subsequent housing market boom have led some employees to find permanent homes in more rural areas dubbed “Zoom towns.” While small towns typically offer more affordable housing and more space, they’re also less likely to have as much access to healthcare services compared with larger metropolitan areas. Fertility benefits can support remote workers — if there are enough resources for them in their area. Make sure your fertility benefit’s network of clinics and partners covers all of the parts of the country and the world where your employees live. Including telehealth options also helps support remote workers in areas with more limited healthcare access.
Reflecting your company’s values in your benefits offerings
Surveys suggest that disengagement and low morale are two key reasons so many employees are leaving their jobs. In a market where job seekers care about the mission and values of their employer more than ever, fertility and family-forming benefits can help employees feel like their personal life is supported as much as their professional life. Even if employees don’t use fertility and family-forming benefits, simply knowing they’re available can boost morale.
“I feel privileged to be able to work somewhere where they care about my future and my fertility,” said Liz Watts, who pursued egg freezing through her employer. She said that without her Carrot benefit, she wouldn’t have been able to access fertility preservation.
Today’s “talent war” is about more than just job titles and pay. Job seekers and employees are thinking about how they want their job to fit into the rest of their life — and whether or not their employer understands, respects, and values their employees outside of work.
Ready to boost your recruitment and retention efforts with fertility and family-forming benefits? Get in touch with us.