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: