Family-building benefits bolster DEI initiatives, fortify retention

Attracting and retaining top talent has continued to be an organizational imperative for most companies throughout 2022. Now, more than ever, job candidates are scrutinizing everything a company has to offer in the way of benefits. It’s not uncommon for employees to quickly jump to another company to snag coverage that aligns with their family needs.

One of the most sought-after categories of benefits is family-building benefits. These benefits, for example, help employees avoid spending thousands of dollars for IVF treatment and surrogacy or adoption services. Without insurance, surrogacy services can cost workers $90,000 –$130,000.¹

Moreover, emerging family-building programs cover genetic testing, egg and sperm freezing, reproductive health and dietary coaching.

It appears that businesses are listening to job seekers: from 2018 to 2020, fertility benefit offerings increased by 4 to 10 percent.² In one survey, 61 percent of employees who received fertility coverage said they felt more loyal and committed to their employer, while 73 percent were more grateful, and 53 percent stayed longer.³

Fostering a diverse and inclusive workforce with flexible benefits

Benefit and HR leaders now realize that robust family-building benefits are essential for remaining competitive and building a diverse and inclusive workforce.

For example, LGBTQ-identifying employees may need help working through the legal processes to adopt children or require assistance accessing clinics that offer LGBTQ-affirming care.²

Some families are waiting to have children later in life. Therefore, benefits covering egg, sperm or embryo freezing will attract these workers.⁴

For workers and families dealing with infertility, the mental strain can also be unbearable, especially when some pregnancies end in miscarriages. To help these families recover, comprehensive mental health services and support should be included in benefits packages. Some companies even offer compassionate leave policies for employees who experience miscarriages, stillbirths or failed adoption/surrogacy attempts.⁴

Companies with flexible benefits that can be tailored to meet the needs of an increasingly diverse workforce widen their talent pool.

Securian Financial’s BenefitBump delivers benefits better⁵

For companies looking for benefit options that could turbocharge an existing portfolio, Securian Financial offers BenefitBump. BenefitBump improves outcomes for both employers and employees by helping growing families navigate their employers’ benefits and time-off programs to build plans for balancing work and life.⁵ The program was designed for all paths to parenthood, including childbirth, adoption and families seeking fertility support. The package delivers immediate ROI:

• Reduces pregnancy-related stress for parents
• Provides higher engagement in benefit plans and programs
• Delivers higher rates of parents successfully returning to work
• Results in greater job satisfaction and employee engagement

Learn how BenefitBump complements Securian’s hospital indemnity insurance.