The pandemic has underscored the significant challenges
During the height of the pandemic in 2020 and early 2021, moms left the workforce at staggering rates. Now, with the delta variant surging across the country, more are likely to resign in order to stay home with their children.
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Beyond the loss of important institutional knowledge and experience that these mothers take with them, their resignations translate into a significant employer expense. In fact, backfill hiring for these open positions can cost anywhere from 20% to 213% of the employee’s salary.
So what can employers do? One of the biggest areas to focus on is modifying employee benefit offerings to
The experience of being both parent and professional takes its toll. Over the last 18 months, parents have been forced to juggle two full-time jobs: actively caring for young children or aging parents, while managing an eight-hour remote workday that often expands into hours of the day traditionally reserved for personal life.
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Individuals are starting to feel the pressure mounting: an October 2020 Pew survey revealed that the number of teleworking parents who would describe their situation as “difficult” jumped to 52%, up from 38% in March 2020.
Self-funded employers that offer benefits and policies to
Large organizations, like Netflix, are taking heed and leading the charge with generous policies, even offering a full year of parental leave. There are many forms that family-centric benefits policies can take — from reimbursing childcare costs, NICU care management, or offering flexible workday schedules — so long as they help new parents create a sense of stability at home and provide generous, adequate care.
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While attracting stellar talent is always a priority, this year’s talent shortage poses a particularly steep challenge: filling 10.1 million open jobs. While hiring bonuses help, self-insured employers can set themselves apart through expansive, generous family benefits policies that help employees provide for their loved ones. The top three most coveted employee perks are all family and lifestyle related: paid family leave, paid time off, and flexible working options.
These benefits resonate particularly well with millennials, who comprise the largest part of the workforce. Ranging in age between 25 and 40, family planning and healthcare resources are top of mind for many. Employees and recruits in general are increasingly looking for work that provides more than just a competitive income. Companies taking a proactive approach to supporting families with broader benefits are able to position themselves more strategically in the labor shortage.
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The pandemic caused an enormous shift in employees’ personal priorities that recenters focus on home life. This change necessitates a swing in the classic work-life balance equation. Self-funded employers that reward quality work with generous family benefits will be able to future proof their workforce while reaping the benefits of greater cost savings.
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When reevaluating plans and policies for the year ahead, refocus on families — in these tenuous times, such benefits will offer employees the support they need to feel financially, logistically, and emotionally sustained.
Whether your organization’s health benefits are self-funded or fully-funded, it is recommended that you talk to your insurance plan provider, broker or third-party administrator about how to best provide for the changing needs of today’s employees and their families.
