Demand for fertility benefits is on the rise. And it’s not surprising why — millennials now make up the majority of the workforce, and they’re starting families. They’re also willing to move jobs for the benefits they want. But even beyond meeting that employee demand, employers are seeing the effects of fertility benefits on their workforce.
If you’re looking to educate your team or secure leadership buy-in, there’s a significant amount of evidence that supports the positive impact fertility offerings can have on your organization. You’ll find that they’re not only financially beneficial to your company, but also impactful on a physical, emotional, and mental level for your workforce. Here are a few of the reasons to consider adding them to your benefits package.
Employees are asking for them
What was once a taboo topic in the workplace is, slowly but surely, becoming an area that employees feel empowered to speak out about. Not only are they more willing to ask for fertility benefits, but employees are also likely to look for them elsewhere if their requests aren’t met in their current workplace.
In a recent study, 68% of employees said they were willing to change jobs to ensure they had infertility coverage. That number jumps even higher to 90% among those who have experienced fertility issues. And almost 60% of women say they would opt for a company offering fertility benefits over a company that didn’t.
Attract and retain talent
Today’s job market is candidate-driven, meaning that employees have more options than ever before about where they work. That’s why it’s more critical than ever for employers to invest in a competitive package that not only attracts, but also retains, talent. Fertility benefits can be a key part of this:
- 62% of U.S. employees who had their in-vitro fertilization (IVF) covered by their employer reported being more likely to remain in their job for a longer period. Among U.K. employees, 31% said employers should offer fertility benefits.
- Similarly, employees who work at companies with adoption benefits, regardless of whether or not they’re users, often feel more goodwill toward their employers.
Prioritize diversity and inclusion efforts
Organizations that prioritize diversity and inclusion have a competitive edge, which is why we’re seeing record-high numbers in company goals and policies that are focused on belonging and inclusion. Companies that have a highly inclusive culture notice 2.3 times more cash flow per employee, are 120% more likely to hit financial goals, and generate 1.4 times more revenue. And beyond that, 67% of job seekers consider workplace diversity an important factor when considering employment opportunities.
There’s no benefit that contributes more to this goal than fertility care, which gives everyone — regardless of age, gender, sexual orientation, gender identity, or marital status — the opportunity to start a family. Not only does it lead to improved recruiting efforts, but it also results in increased financial outcomes for your company.
Reduce healthcare costs
When adding fertility benefits, many employers only think about the additional upfront costs. However, companies can gain in the long-run by offering fertility care that encourages one healthy baby at a time. Historically, many multiple births were a result of IVF, and it’s estimated that U.S. businesses spend $5.7 billion just to cover these healthcare costs. Employers spend 12 times as much on healthcare costs for premature or low-weight babies as they do for babies without complications. That’s why it’s critical to ask your prospective fertility vendors about their single embryo transfer rates — this help provide an indication of their clinical perspective while also ultimately reducing healthcare costs.
Trying to navigate fertility treatments alone can be stressful and eat up a lot of your employee’s valuable resources. This results in financial, mental, and emotional burdens that can ultimately affect the productivity of employees at work, as demonstrated by these statistics:
- A 2018 survey found that, among 776 people who plan to undergo some type of fertility treatment in the next 12 months, 40% reported feeling stressed about the cost of the treatment.
- Financial stress frequently leads to chronic health disorders and high absenteeism, which can also lead to a loss in productivity.
- On the other hand, 22% of employees who did have their IVF covered by their employer said they’re more likely to work harder.
But along with increased demand comes an influx of vendors, all promising different solutions for your population’s needs. With so many people clamouring for your attention, it can be challenging to determine which one is truly the best fit for your workforce.