Taking care of the family: The Key to Employee retention?

Dec 17, 2023

The perennial question persists: How can employers keep their employees happy? In today’s dynamic landscape, this challenge has grown increasingly complex. Employees find themselves juggling numerous responsibilities, and achieving work-life balance has emerged as a paramount concern. Employers who overlook the critical aspect of family healthcare and benefits risk facing significant losses in both talent and productivity.

Given that employees spend a significant portion of their week at work, it’s imperative to ensure that they can fully concentrate during their work hours. However, when competing responsibilities come into play, especially for working parents, the challenge intensifies.

The statistics underscore the urgency of the situation — a staggering 60% of employees are either leaving their jobs or contemplating doing so due to inadequate family benefits. There exists a pressing gap that necessitates attention. Fortunately, employers have ample opportunities to demonstrate their commitment to their employees’ well-being, one of which involves reevaluating the benefits packages they provide to align with employees’ genuine needs.

As we approach the new year, one thing is crystal clear: 2024 is poised to be the year of family benefits. Employers who fail to adapt to this paradigm shift risk losing top talent and the potential productivity gains that come with it.

Unlocking the Value of Family Benefits

A prevalent misconception regarding family benefits is that they hold value only if a substantial portion of the workforce fits the demographic. In reality, the opposite holds true. Irrespective of demographics, family benefits convey a message of an employer’s commitment to work-life balance, regardless of an employee’s life stage. Furthermore, data indicates that approximately 7 in 10 individuals who give birth are also gainfully employed. Thus, even if these benefits aren’t immediately applicable, they are likely to become relevant in the future. Employees recognizing that their employer aligns with their values plays a pivotal role in long-term retention.

Consider it akin to vision insurance within a healthcare plan — not every employee may need it, but its inclusion is considered standard. A similar perspective should be adopted when approaching all types of benefits, especially for those who have dependents to care for.

Inclusivity should steer clear of a one-size-fits-all or an all-or-nothing approach. Tailoring policies and practices to accommodate diverse needs and backgrounds leads to a more resilient workplace.

Looking Ahead to the New Year

As employers contemplate the year ahead and ponder the priorities of their workforce, it’s imperative to consider everyone, not just the majority. Championing family benefits translates to supporting the entire workforce. How can you ensure support for all your employees? While these tips offer a starting point, more employers must step up to make the workplace accommodating for everyone.

Investing in Individuals with Dependents: A Growing Responsibility

It’s disheartening to witness employers removing dependents from health benefit programs when, at the core of our priorities as individuals, lies our families. Employers should exercise careful consideration when strategizing for the year ahead, recognizing the significance of family to their workforce’s well-being.

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