Menopause Benefits: What’s All the Hype About?

Menopause benefits are creating a buzz in the employee benefits industry. Although only about 4% of companies currently offer some form of menopause benefits, a recent NFP survey indicates that roughly a third of all companies are open to implementing them in the next five years. This raises an important question: if menopause only impacts a portion of an employer's population, why should companies still consider offering these benefits?

The answer lies in the potential impact on employee retention, productivity, and even the broader economy. According to a Carrot Fertility survey, nearly one in five women have considered changing jobs for better menopause support, and 22% would consider retiring early due to menopause symptoms. Furthermore, a survey by Biote found that 17% of women aged 50 to 64 have left or considered leaving their jobs due to menopause-related difficulties.

The impact of menopause on the workforce is especially relevant given current demographic trends. The American workplace is aging, with many older women planning to continue working beyond traditional retirement age. In fact, the number of women aged 55 and older in the workforce is projected to grow by more than 2.2 million by 2031.

Offering menopause benefits can tangibly impact recruitment, productivity, and the economy. SHRM reports that 58% of women found menopause benefits positively impacted their work, while a Bank of America study showed that when menopause benefits are available, employees are more likely to recommend their company as a great place to work (83% vs. 69%). The economic implications are substantial, with menopause estimated to cost the U.S. economy approximately $1.8 billion annually in lost working time and $26.6 billion when medical expenses are included.

The demand for menopause benefits is clear. A Bank of America report found that 64% of working American women want menopause-specific benefits. When these benefits aren't offered, it can have a real impact on employee retention. According to a report by Fertifa, 42% of women consider quitting work due to menopause symptoms, and 28% worry that menopause makes them look incapable of doing their job.

As the workforce continues to age and more women remain in the workplace longer, addressing menopause-related issues will likely become a crucial aspect of comprehensive employee benefits packages. While only 4% of employers currently offer menopause benefits, we expect that number to grow exponentially as menopause rightfully gets its moment in the limelight. Offering these benefits is becoming increasingly important for fostering a more engaged and loyal workforce.

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