2.5 minute read
Working and family are two very important aspects of an employee’s life. According to the World Health Organization (WHO) one in six people struggle with fertility issues. The stress of family planning can often impact employees’ work performance.
A 2023 survey found that 65% of employees spent time at work researching fertility benefits, treatments, and family planning. And 55% stated that fertility challenges greatly impacted their work performance.
Presenteeism is when employees are less productive due to personal distractions. This can negatively impact employee morale, engagement, and performance. Presenteeism costs the U.S. economy $150 billion a year in lost productivity, exceeding absenteeism costs.
Employers who offer fertility benefits may observe a significant increase in employee engagement, productivity, and long-term retention within the organization.
What is Infertility?
WHO has recognized that infertility is a disease. It can affect both men and woman who are starting or adding to their families. This spans a wide age range of employees who make up a crucial percentage of the workforce. By offering comprehensive fertility benefits, employers can significantly enhance their ability to retain and attract this highly skilled demographic.
Infertility Costs
The cost of fertility treatments can cause financial stress on those wanting to start a family. A single IVF cycle can cost more than $30,000 and doesn’t guarantee a pregnancy. A survey found that 32% of individuals could afford fertility treatments if needed, half were willing to take another job, 29% would need to go into debt, and 39% said they would dip into their savings to afford treatments.
Taking on debt, worrying about paying for treatment, and struggling to conceive can cause loss of productivity at work, a strain on relationships, and possible mental health issues.
Fertility Benefits
Under health plans, employers can elect to cover specific fertility treatments or pay a portion of treatment costs as a voluntary benefit. Fertility treatments may include things like IVF, surgery, medications, etc.
Importance of Fertility Benefits
When employers offer fertility benefits, it can help employees begin a family without going in debt or suffering undue financial stress. Sixty-five percent of employees said they’d change jobs to work for an employer who provided fertility benefits, and 72% said they’d work at an organization longer if they were provided. Three in four survey respondents said fertility benefits were an important part of an inclusive company culture.
The State of Fertility and Family Benefits in 2023 Report found that 63% of HR professionals were planning to increase family health benefits in the next few years. Also 87% said that family benefits are extremely important to current and prospective employees.
Conclusion
Fertility struggles can impact employees, causing financial stress, presenteeism, and affecting their mental health. Employers who offer fertility benefits can experience significant productivity and job satisfaction, improve employee retention, and help employers attract and retain employees. Download the bulletin for more details.
National Insurance Services is not a law firm and no opinion, suggestion, or recommendation of the firm or its employees shall constitute legal advice. Readers are advised to consult with their own attorney for a determination of their legal rights, responsibilities and liabilities, including the interpretation of any statute or regulation, or its application to the readers’ business activities.
