Rising Trends in Caregiver Benefits

Workers with caregiving responsibilities are becoming an increasingly important demographic, with 12% of companies now tracking them as the fastest-growing category of employee identity groups. 22% of US workers provide care for an elderly, sick, or disabled family member, and almost 73% of employees said they had some type of current caregiving responsibility.

It is becoming increasingly important for employers to support employees who identify as caregivers. In fact, providing caregiver benefits is proven to lower absenteeism by 30%, reduce turnover by 60%, increase recruitment, and boost employee productivity. 

Here are the top three features caregivers want to see in their benefits packages:

1. Paid Leave: Increased paid family leave is an extremely attractive benefit to employees with over 70% of large firms currently offering some form of paid family leave. As “caregiver” expands as an umbrella term, it is also important to reassess who qualifies for paid leave. For example, the state of New York recently included people caring for siblings in its paid-leave policy.
2. Fertility/Postpartum Benefits: Fertility and egg-freezing benefits are becoming expected by many employees. Most employers use specialty vendors, such as ARC Fertility, Carrot, Kindbody, Progyny, Maven, and WIN Fertility, to help with providing fertility benefits. These vendors often offer more flexibility and specialized resources compared to traditional medical carriers, which may lead to better outcomes. In 2020, 42% of large US employers offered coverage for IVF, and there was an 8% increase in the number of employers offering fertility benefits. Also consider offering postpartum benefits, such as milk storage, shipping, and access to on-demand support from doulas and lactation consultants.
3. Childcare: School and daycare closures due to the pandemic in conjunction with the work-from-home lifestyle have left parents in desperate need of flexible, affordable childcare. Many working parents have thought about or have already made changes to their work arrangements, such as 74% reducing their hours and 71% taking on less demanding roles, in order to be more available for their children. As a result, employer-sponsored childcare benefits are one of the most impactful benefits to offer employees moving forward. Before the COVID-19 pandemic, employers typically provided two types of childcare benefits: onsite child care or backup child care. However, these benefits either served a small percentage of employees or offered a limited number of care hours per employee, usually during specific times. Now, employers have started offering childcare as a benefit. The employee receives a childcare stipend and access to vetted childcare providers near work or home. In turn, the employer benefits from tax credits. On-demand childcare utilization has also become popular, with employers offering 24-hour coverage and an accompanying concierge service to help parents to find convenient care.

Do your benefit guides include these 3 key features? Reach out to sales@planyear.com to learn how you can quickly modernize the employee benefits experience with a Digital Benefit Guide by PlanYear.