More and more corporations are stepping up to support their employees in their family planning endeavors. Merck, a German pharmaceutical company, is one such instance, offering financial assistance for fertility treatments, including in-vitro fertilization (IVF) and artificial insemination, regardless of marital status. The aim is to alleviate the energy-draining and potentially stressful phase of conception. Similarly, management consultancy firm Kearney in the USA offers extended parental leave, part-time working arrangements, childcare allowances, and financial assistance for family planning and adoption, aiming to promote a better balance between family and work responsibilities.
Research indicates that such measures help attract and retain skilled workers. In fact, a study by Ann-Christin Bächmann shows that mothers are quicker to return to companies with family-friendly policies and are less likely to change jobs. Companies should, however, be mindful of the specific needs of their workforce. Rather than blindly adopting popular measures, companies should conduct a thorough needs analysis to determine what works best for their team.
Coverage for fertility treatments, adoption expenses, and generous parental leave are becoming commonplace among companies. Paid childcare reimbursements and on-site daycare are additional perks offered by some. Wellness programs, like providing breastfeeding rooms with hospital-grade pumps, are also becoming prevalent. Financial support, such as creating new baby funds or dependent care flexible spending accounts, further assist employees in managing their family-oriented expenses.
While it's essential to approach family planning support from an employee-friendly perspective, there's also no denying that companies ultimately benefit from such measures. It helps attract and retain skilled workers, boosting overall business efficiency and productivity.
[1] HBR.org: How Companies Can Support Employees on Their Family-Building Journey [2] Forbes.com: How Companies Can Support Family Planning And Work-Life Balance [3] Glassdoor.com: Top Companies for Family Support in 2021
