More US Employers Embrace Fertility Benefits as a Talent Attractor

More US Employers Embrace Fertility Benefits as a Talent Attractor

In today’s tight labor market, US employers are having to work harder to attract and retain talent, not just by offering more pay and benefits, but also by targeting their employee value proposition to fit the needs of their candidates and current employees. As millennials take on the burden of caring for their aging parents while starting families of their own, and as progressive organizations strive to make sure motherhood doesn’t derail the career of their women employees, many of the latest benefit trends are family-focused: paid parental leave, flexibility for working parents, returnship programs for parents returning from career breaks, and so forth.

Another increasingly popular family benefit is health insurance coverage for fertility treatments, to help employees who want to start families but struggle with infertility. In vitro fertilization, the most effective of these treatments, is increasingly common as women start families later, but is often prohibitively expensive, costing over $12,000 for just one round, whereas several rounds are sometimes required to result in a successful pregnancy.

Despite the cost, we’ve seen several large employers add fertility benefits to their rewards packages in the past year, including Cisco, Estée Lauder, and MassMutual. In a recent feature at the New York Times, Vanessa Grigoriadis takes a look at what’s driving this trend, pointing to a recent Mercer study that found the percentage of large employers (of 20,000 employees or more) had increased from 37 percent to 44 percent from 2017 to 2018:

These days, I.V.F. coverage is “escaping” the sectors that have traditionally offered it, meaning tech, banking and media, said Jake Anderson, a former partner at Sequoia Capital and a founder of Fertility IQ, a website that assesses doctors, procedures and clinics. General Mills, Chobani, the Cooper Companies and Designer Shoe Warehouse have either introduced coverage or greatly increased dollar amounts for 2019. Procter & Gamble Company offered only $5,000 in fertility benefits until this year, when it increased the benefit to $40,000.

Many organizations are falling short, however, when it comes to communicating this benefit to employees and job seekers, Grigoriadis points out:

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Fertility Benefits Continue to Grow in Popularity

Fertility Benefits Continue to Grow in Popularity

More and more employers in the US are adding fertility benefits to their rewards packages in an effort to attract and retain employees who are interested in starting families. The latest organization to do so is State Street, which has added fertility and more generous adoption assistance to its benefits package in a deliberate effort to be more inclusive of LGBT employees in particular, Amanda Eisenberg reports at Employee Benefit News:

The financial services firm consulted its employees in an effort to make a meaningful expansion to its benefits package, which now includes four weeks of fully paid leave for employees who are primary caregivers to a child born via surrogacy; $20,000 in reimbursement for fertility-related expenses beyond the firm’s medical plans, such as surrogacy; and $20,000 in reimbursement for adoption assistance (up from its previous reimbursement of $5,000). The company says the benefits can be used once per calendar year and employees are allowed up to $40,000 in lifetime financial support for these benefits combined.

State Street is by no means alone in embracing fertility benefits as a talent attractor: A Willis Towers Watson survey conducted in January found that 66 percent of US employers expect to offer these benefits by next year, compared to 55 percent in 2017. These programs are also becoming more inclusive of LGBT employees who are looking to start families: 65 percent of employers who offer fertility benefits currently provide coverage to same-sex couples, but 81 percent are expected to by 2019. Employers told Willis Towers Watson that their main motivations for providing fertility benefits were to support diversity and inclusion, to help attract and retain top talent, to be recognized as a “best place to work,” and to foster a more woman-friendly workplace.

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