In order to attract and retain top talent, companies from every sector are expanding their employee benefits to include fertility. Fertility benefits are now being prioritized as infertility affects one out of three women trying to conceive after age 35 and was designated as a disease in 2015 by the World Health Organization (WHO). Due to this designation, more and more companies are looking to provide fertility benefits to their employees. In fact, the number of companies offering fertility benefits is expected to rise by 10% over the next two years.
Research shows that 68% of millennials take coverage for fertility into consideration when choosing an employer. And with Millenials projected to reach one out of three members of the workforce by 2020, that will have a huge impact on employers. Additionally, a survey done by The National Infertility Association showed that employees have a higher rate of satisfaction with their employer if fertility benefits are offered compared to employers who do not offer fertility benefits.
With a projected 30 percent ROI, fertility benefits clearly help retain talent. However, the focus on fertility benefits is also sparked by the potential decrease in the enormous costs many employers undertake from NICU and high risk-maternity expenses. Additionally, fertility benefits help support diversity initiatives as many of the couples that utilize the benefit are same sex.
The types of fertility benefits companies are implementing vary greatly, from personalized digital programs, like Maven, to reimbursement for fertility costs up to a specified amount. Companies like American Express provide a financial benefit, and recently have increased the amount from $20,000 to $35,000.
While fertility benefits are important, it is equally as important that companies provide benefits that actually support parents in practice. Of the employers that do provide fertility benefits, Willis Towers Watson found that less than one in five employers require the use of fertility centers of excellence. This is significant as centers of excellence are critical in ensuring the success of fertility treatments.
Since infertility has been recognized as a disease by the WHO, the incentives for employers to provide fertility benefits are not solely attracting and retaining top talent, but also providing high quality support and healthcare for their employees.
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