Companies have been expanding their family benefits offerings for a few years now. But will the economic uncertainty surrounding 2023 slow down this benefits expansion?
To find out, Maven surveyed more than 100 benefits decision-makers across a variety of industries (health care, finance, tech and manufacturing). What they found was somewhat surprising.
Despite everything that’s predicted for 2023 (rising inflation, increased healthcare benefits costs, a recession, etc.) HR decision-makers are still prioritizing health, wellness and outcomes.
Some companies do plan to decrease their spending on family benefits, but most are increasing or at least maintaining their spending on healthcare and family benefits such as fertility, travel reimbursements for reproductive health services and more.
Here are the top three family benefit trends for HR teams in 2023 according to the survey.
1. Reproductive and family benefits
Most respondents said that reproductive and family health benefits aren’t going anywhere. In fact, they’re making them a priority. Ninety-one percent agreed these benefits are more important than ever during times of uncertainty. And 92% said they’re keeping things as is in 2023. Some may even add a few more reproductive and family health benefits.
In today’s world, these benefits play a critical role in talent management and employee experience programs. That’s why despite inflation and budget cuts, the majority (66%) will stay the course, believing that family health requires a long-term commitment to see results.
“Benefits are always considered cost-centers,” said one HR manager at a leading equity management solution in the study. “ROI on benefits, especially family health benefits, doesn’t happen immediately – and if your company is in the position to provide more help, you will see the results down the line.”
2. Covering all stages of reproductive health
Reproductive health covers everything from fertility to adoption to pregnancy to menopause. And HR leaders are looking at the must-have benefits for the entire spectrum, and how they can make them inclusive and accessible to all employees who need them.
One-third of HR leaders in the survey said they plan to increase their fertility coverage, as well as:
- Improve parenting and pediatric support (20%)
- Add maternity support (20%)
- Add menopause support (14%), and
- Expand fertility coverage via reimbursements (33%).
Due to the controversial Supreme Court decision on Roe v. Wade this year, supporting employees in this manner is a must in 2023.
3. Providing family health globally
Global availability of family health benefits is extremely important for companies heading into 2023, now that the pandemic has people spread out with remote work. HR pros want to make sure they’re providing the same equitable benefits for everyone whether they’re in a different town, state or country.
“It’s critical to ensure that every aspect of your family benefits is consistent so that no population is left behind,” expressed an HR manager of a leading equity management solution in the survey. “That can lead to huge rifts among different teams and departments.”
This is no easy task when laws, regs and resources differ among counties, states and countries. Keeping benefits equitable takes work. Then add in different groups like the LBGTQIA+ community and their needs, and even more challenges present themselves. But if companies are supporting all employees on their path to parenthood, then they must think about what each group needs and the challenges they’ll face.