Employee turnover can be disruptive, costly, and resource draining for any business. As such, retaining top talent is usually a high priority for most companies, regardless of size.
According to the Work Institute, in 2019, the cost of turnover was over $600 billion. Research shows that replacing an employee costs a company between six and nine months of their salary. An employee who earns $60,000 per year can end up costing the company anywhere between $30,000 – $45,000 in recruiting and training costs..
Simply put, it’s wise and good business practice to hold on to valuable employees.
SEE THE REWARDS OF ELEVATING YOUR EMPLOYEE BENEFIT OFFERINGS.
As an employer, what can you do to hold onto good talent? Most Human Resources managers would agree that in addition to paying well and having a positive company culture, one thing you can do is review how robust your employee benefits are. If you’re looking for innovative and proven ways to boost employee retention, consider offering family-building benefits.
With one in eight US couples (about 7.4 million men and women) experiencing infertility, many companies nationwide are seeing the value in offering family-building benefits to help offset the high costs of fertility treatments. In fact, according to Mercer’s National Survey of Employer-Sponsored Health Plans, 61 percent of companies with 500 or more employees in 2020 provided some form of fertility benefits for employees.
Employees with access to family-building benefits have proven to be more dedicated to their employer. Research from the FertilityIQ 2019-2020 Family-Building Workplace Index showed the following:
- 61% of employees who received fertility coverage from employer reported feeling more loyal and committed to an employer as a result
- 88% of women who had their IVF fully paid for by their employer in 2017 decided to return back to that employer after maternity leave
- Patient attitudes when IVF was 100% covered by employer – 73% more grateful, 61% more loyal and 53% stayed longer
In another recent survey, 68% of employees interviewed would switch jobs if fertility benefits were offered. Surprisingly, more men than women were willing to switch jobs to secure fertility benefits.
REPRODUCTIVE BENEFITS MATTER TO TODAY’S WORKFORCE.
Studies show that female fertility dramatically decreases after age 35. Along with couples who are infertile, the rate of women who are having their first child between 40 and 44 has more than doubled in the past 20 years, according to the Centers for Disease Control and Prevention (CDC). This is, in part, because more women are choosing higher education and upward career mobility instead of having a family in their twenties. The real problem with waiting to have children is, both the quality and quantity of a woman’s eggs decline sharply after age 35, making getting pregnant difficult or impossible without fertility assistance.
Family-building benefits, including adoption and surrogacy, also appeal to LGBTQ+ employees, as well as single women and men who want to have families. Providing an inclusive set of benefits which addresses the needs of all employees can be a powerful tool for recruitment and retention.
FOR THE COMPANIES PROVIDING SOME LEVEL OF FERTILITY BENEFITS COVERAGE, IS IT ENOUGH?
For the 61% of employers with more than 500 workers that offer some type of fertility benefit, the coverage might not be sufficient. According to a Mercer L.L.C. November study, fertility benefits may only be limited to a consultation with a doctor.
According to Mercer:
- 55% cover a visit to a fertility doctor
- 33% cover fertility drug therapy
- 27% cover in vitro fertilization (IVF)
- 28% cover artificial insemination
- 46% provide financial support for adoption
- 9% provide financial support for surrogacy
- 39% of employers don’t cover any family-building services atall
Where does this leave employees who want children but cannot through traditional means? They either have to pay a hefty bill, which could be half or more of their annual salary, or find another employer who provides family-building benefits. Given the rising need for these benefits, it is highly worthwhile for employers to explore fertility insurance providers and options for their staff. Companies that fail to acknowledge and act on the widespread importance of offering family-building benefits may find themselves losing talent to those that do.
WE HELP EMPLOYERS NAVIGATE THEIR FERTILITY BENEFITS.
Research shows that fertility coverage may drive meaningful improvements in employee retention and increase your bottom line.
If you’re looking for ways to offer your employees these benefits, WINFertility has been a leader in managing family-building benefits for over25 years. WIN has covered millions of members and has compiled over 600,000,000 member months of data, the largest quality benchmark database in the industry.
Benefits offered by WIN include:
- Fertility Treatments (IUI and IVF)
- Genetic Testing, Egg Freezing, Adoption and Surrogacy Benefits
- On-going 24/7 Nurse Care Manager Helpline
- Pharmacy Dosing Education, Self-Injection Guidance and Substantial Discounts (up to 40%)
- Unique Capability of Managing Employee Populations Across Multiple Health Plans
Contact our team today to discuss family-building benefit opportunities for your employees.