Family-friendly employee benefits have increased in popularity and demand over the past few years. A competitive salary is no longer enough to attract and keep top talent, so employers need to offer the best employee benefits possible to stay competitive. Balancing professional and home responsibilities has only become more difficult thanks to the pandemic and inflation rate. One of the best things employers can do is adopt some family-friendly policies and offer family-friendly employee benefits. This blog will tell you what family-friendly employee benefits entail, why they are so important, and how they benefit employers. We'll also share five excellent family-friendly employee benefits that you can offer to set your company apart and keep your employees satisfied.
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What exactly are family-friendly benefits?
Family-friendly employee benefits are part of the non-monetary compensation that employers can give employees, much like the healthcare and dental or disability benefits that most are familiar with. These family-friendly benefits are usually in the form of company policies, programs, perks, or options available through employer partnerships designed to help employees balance work and family responsibilities and support employees through all life stages. Family-friendly employee benefits can include options for parental leave, childcare & education, elder care, and a few other options that we will discuss later in the blog.
What are common types of family-friendly employee benefits?
- Paid parental leave
- Financial advising or planning
- Childcare and support
- Flexible scheduling
- Academic planning for employee children
At BeMo, our focus is education, and through our partnerships with employers, we can offer your employees a benefits package that extends to their family members, too! If your employees have children getting ready to apply to competitive undergraduate programs, we can help with the tough admissions process by providing unlimited coaching. If your employees' children have set their sights on challenges such as medical school or law school, BeMo can save them money by helping their children get accepted. And what's in it for the employers? You can save money and increase your employee satisfaction by showing you care.
What’s in it for the employers?
Family-friendly employee benefits are not a cheap undertaking, and many employers simply do not understand how they can benefit their companies in the long run. Still, the reality is that in addition to being good for employees, working parents, and their children, most family-friendly benefits have a very high ROI for business results as well. Here are some of the ways in which these programs can benefit employers:
Which family-friendly employee benefits should you offer?
There are several different types of family-friendly employee benefits that you can offer as an employer. We recommend opting for benefits that will greatly benefit your employees and their families in multiple ways and in the long run. Here are the top five family-friendly employee benefits that we recommend:
Conclusion
Offering family-friendly benefits is one of the best employee retention strategies that you can adopt in this day and age. If employees feel like you care about their overall well-being as employees and that you are willing to invest in it, they will be more satisfied with their work and compensation. They are also more likely to be loyal to the organization. It’s important to remember that both employees and employers benefit significantly from having access to services and perks that make balancing work and family responsibilities easier. So, take the time to research and learn more about unique perks like financial planning and academic consulting, as these benefits will help you stand out as a company.
FAQs
1. What are family-friendly employee benefits?
Essentially, they are benefits such as policies, programs, or perks that are designed to support employees through different stages of life by making it easier for them to balance work and family responsibilities.
2. Why are family-friendly employee benefits getting more popular?
More and more employees are finding that competitive wages are not enough to provide long-term job satisfaction. They want to have access to family-friendly work environments, development programs, and work-life balance. Employers have to provide these options if they want to recruit and retain top-notch employees.
3. How do family-friendly benefits affect the company’s Bottomline?
While the initial cost of offering family-friendly employee benefits may seem high, the ROI is solid. In the long run, companies save tons of money by increasing productivity and employee satisfaction and decreasing absenteeism and turnover.
4. Are family-friendly employee benefits designed to support women in the workplace?
While these benefits support women, they are not designed for that sole purpose. The right family-friendly benefits should benefit all workers, including women, men, and gender-nonconforming individuals.
5. What are examples of family-friendly employee benefits?
The following are examples of family-friendly employee benefits: parental leave, fertility and family building benefits, childcare, flexible hours, etc.
6. What are the best family-friendly employee benefits?
If you want to stand out as a company, you can offer some of the more unique family-friendly employee benefits such as elder care, academic consulting, and financial planning.
7. Should you offer family-friendly benefits if you have high turnover?
This will require a balance. On the one hand, offering family-friendly benefits can help increase employee satisfaction and employee retention simultaneously. On the other hand, you do not want to invest in employees who are not willing to invest in the organization. We recommend offering these benefits to employees once they are past their probation period or a different threshold.
8. How can I learn more about offering academic consulting as an employee benefit?
You can contact us directly, and a member of our team will be happy to provide additional information.
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