In many business organizations, fertility benefits are an important topic of conversation for many employees. As more people delay marriage and starting their families, companies are increasingly offering fertility care as part of their benefits package. Fertility benefits are a great way to attract high-value employees. There are additional costs you will incur because of this new addition, along with new liabilities to consider. Fortunately, you solve these issues by developing an approach to fertility benefits that match your company’s circumstances. Consider the benefits and drawbacks of this offering before you decide to make a decision.
What Will Fertility Benefits Do For You?
If you want to attract highly educated employees, fertility benefits will give you an edge over the competition. Obtaining an advanced degree from a university takes time, and this can delay family planning. These job applicants have skills you may value, but they still desire a balance between work and family. Attracting potential employees with valuable skills means offering them a wide range of benefits that are applicable to their unique situations.
Employees who have access to fertility benefits have also been shown to miss work less frequently and were more likely to recommend their company as a great place to work. Since fertility treatments are so expensive, by not offering them, you risk forcing some of your best employees to leave.
Women who hold advanced degrees tend to look for employers who can offer them fertility benefits, and by attracting educated women to your organization, and you can better promote gender equality in the workplace.
Standing out from the crowd in a sea of employers is essential to creating a competitive workforce. You need to welcome every worker who can potentially meet your company’s needs. An inclusive workplace usually tends to be more efficient and creative than more homogeneous ones.
Inclusivity can only help because, in the end, most of your workers won’t actually need to use the fertility care policy you offer. Small businesses can usually afford to provide the benefit because of this factor, as the perk ultimately represents relatively little expense. You only need to give your workers the opportunity to use this option to realize the impact it has. In exchange, you’ll have a happier workforce eager and ready to take on the challenges confronting them.
The Costs And Liabilities Of Fertility Benefits
Adding fertility benefits to your employee package plan will involve additional costs, but you need to create a healthcare package that addresses the needs of your employees. Every one of your employees will need access to these benefits, including those who’ll probably never use them. Most businesses that provide fertility benefits typically expect their workers to stay with them for decades. However, if this isn’t the situation with your company, offering fertility benefits may not make as much sense.
Although a good fertility benefits package will help some of your employees better prepare for family life, it could also potentially send out the wrong message about your company. Some employees may view these benefits as a way to push them towards a company-directed career path, while other workers with no interest in building families may feel you’re sacrificing benefits they’d prefer.
Liability is another important issue to consider before implementing fertility benefits. You’re going to be responsible for ensuring your employees have access to the care they seek. Most workers who take advantage of your fertility policy will likely only do so for a brief time, but other workers may require more assistance for them to become pregnant. So you need to prepare for this eventuality. Job applicants will want to know what’s being offered in your benefits package, and their interest will be a reflection of the answers you give them.
Taking The Next Step
After considering all the pros and cons of offering fertility benefits, you’ll need to decide what you want to do next. Companies need every advantage they can get to recruit the best job applicants, so being able to offer perks and benefits other small businesses either won’t or haven’t yet considered is a real bonus.
Most of your workforce will never require fertility benefits, but offering them should improve how your employees think about your company. People place a lot of importance on the various aspects of their benefits packages, and fertility benefits can help ensure you have top-notch employees and a top-notch reputation.
