The cost of (not offering) fertility benefits
More than ever before, working professionals rely on fertility care. Whether they pursue IVF, fertility preservation, or other assisted reproductive technologies, these innovations are making it possible for more people to build their family while balancing work life.
When businesses think about comprehensive fertility benefits for their teams, they might hesitate out of concern for the cost. But it turns out, not offering this coverage can cost a lot more in the long run—both financially and in employee satisfaction and retention.
So, let’s take a look at some of the ways offering fertility benefits can positively impact your business goals.
- Fertility benefits can improve employee satisfaction
In the early 2000s, the California Milk Advisory Board began using a tagline that said “Great Cheese comes from Happy Cows. Happy Cows come from California.”
Just like happy cows make great cheese, happy employees do their best work when companies care about them. When employee needs—like comprehensive fertility benefits—aren’t met, the workforce suffers.
As a deeply personal and often stressful experience, it’s no surprise that fifty-five percent of employees say that fertility challenges have affected their work performance. Gallup estimates low employee engagement accounts for a whopping $8.9 trillion in lost productivity costs. Offering fertility care can reduce the stressors of family building, which means better outcomes and lower costs of disengaged employees.
- Less administrative burden for HR teams
HR teams are spread thin. Research shows that an employer’s job responsibilities have increased by 62% in the past few years, juggling an average of eight jobs. All the while, employees still need support when it comes to learning about and selecting benefits, filing claims, and requesting leave.
Improving access to trusted benefits partners that handle complex offerings, like fertility benefits, can lighten the load. This is especially true when employees can access benefits like fertility in the same place they manage their other benefits. Through the Benefitsolver ecosystem, all benefits are accessible, personalized, and valuable.
Employees get the support they need, and HR can free up time to focus on long-term, strategic projects.
- Driving stronger overall company health
Fertility challenges can significantly impact the physical, mental, and financial health of employees, especially when left unaddressed. Individuals and couples struggling with fertility issues often experience isolation from friends and colleagues, strain from seeking treatment, or psychological stress.
Thirty-two percent of employees report they can afford fertility treatments if needed, indicating that the expense of pursuing fertility treatment can lead to financial insecurity. 29% say they may incur debt to seek treatment.
Additionally, delayed treatment due to lack of access can exacerbate underlying medical conditions that, when left untreated, create more health risks. Ultimately, failing to address fertility challenges can lead to a cycle of declining health and productivity that affects not just individual employees but the entire organization.
- Smarter spending that drives more cost savings
Healthcare benefit costs are rising, and even C-suites are taking an interest. Our Benefits Insights Report found that healthcare costs are expected to rise up to 9% this year alone.
HR teams are caught between a rock and a hard place—providing employees with the best benefits while appeasing top-down mandates to manage costs. 64% of CFOs believe organizations should place a solid or extreme emphasis on clinical management over the next three years to manage company costs.
Clinically managed care, such as fertility benefits through Carrot, can ensure individuals receive appropriate care at reduced costs. For example, 60% of Carrot members opt to pursue less costly options over IVF, which costs $21,600 on average per cycle. Every party benefits when employees are presented with more appropriate choices for their situations.
- Fertility benefits are shown to increase employee retention
There’s a growing demand for inclusive fertility coverage, particularly among the LGBTQ+ community. Although 21 states and Washington, DC, mandate some form of fertility coverage, many do not include options for LGBTQ+ couples. Yet, 63% of LGBTQ+ individuals planning families will explore assisted reproductive technology or alternative paths to parenthood.
In a competitive market, benefits matter. When asked if they would be willing to change jobs to receive fertility benefits, 65% of employees said yes. Carrot’s Global Fertility at Work survey also found that 95% of respondents reported they would stay longer at their employer because it offers Carrot.
Reduce costs and add value with fertility benefits
The global benefits team at Salesforce wanted to ensure U.S. and non-U.S. employees had access to fertility benefits, so they launched a pilot program in two countries. While the employees’ reception was positive, the benefits teams quickly got in over their heads dealing with requests in-house.
After researching options, Salesforce began working with Carrot to simplify providing fertility care benefits.
The results?
Motoharu Miyazaki, Director, Compensation & Benefits, says, “It’s like night and day.”
Fertility benefits may seem like a niche, nice-to-have offering, but they touch every aspect of an organization’s health, from financial to operational to cultural. Neglecting to offer fertility benefits could be a costly mistake for companies.
Learn more about Carrot and how fertility benefits can reduce costs and give your organization a leading edge.
