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 more 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 and their bottom line.
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. Below are five reasons to consider adding fertility benefits to your organization’s healthcare solutions:
But first, a few fast facts on infertility:
- Infertility is common. 1 in 8 couples have trouble getting or staying pregnant, and 1/4 of all pregnancies end in miscarriage. This is a problem at your workplace, regardless of whether or not employees are talking about it.
- 58% of individuals would forgo fertility treatments due to cost
- 65% of employers have offered fertility coverage because employees asked for it
- 63% of LGBTQ people planning families expect to use assisted reproductive technology, foster care, or adoption to become parents
Healthcare savings for businesses
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.
Employers spend 12 times as much on healthcare costs for premature or low-weight babies as they do for babies without complications. An effective fertility benefit program uses successful medical protocols like elective single embryo transfer, which reduces healthcare costs In addition to the reduction of costly premature births and NICU expenses, fertility benefits reduce infertility-related missed work time.
Engaged and productive employees
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 your team members. Alleviating at least some of the financial burden of fertility treatment creates happier, more productive, and fulfilled employees.
Inclusive benefits should be a priority
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.
Attract and retain top talent
Today’s job market is candidate-driven, and even more so post-pandemic, meaning that employees have more options than ever before about where they work. In a recent survey, 62% of U.S. employees who had their IVF covered by their employer reported being more likely to remain in their job for a longer period of time. 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 being a major factor to this.
Your company’s reputation is everything
Companies who offer fertility benefits earn a reputation as a family friendly employer. This positive PR spreads and turns into a valuable employee recruitment and retention tool.
Everyone’s journey to parenthood is different. By supporting working parents in a more comprehensive and inclusive way and offering aid to help them grow their family, will not only make you a desirable place to work, but one that drives change in this world.