[Written by guest contributor.]
As a mother of five in the emergency ward at 11 p.m. with a sick or injured child, my top priority is clear—the best possible care for my little one. Additionally, I can’t help but fret about the substantial costs that may arise for this care, especially if I’m not among the fortunate parents who won’t have to part with next week’s grocery funds as a co-pay just to enter the hospital.
While I’m on the lookout for high-quality daycare for those same five kids, my focus remains on finding the most reliable caregivers to whom I can confidently entrust my beloved little ones every day. Naturally, the substantial monthly bill of $5,000 looms over me (and this is without living in one of the pricier cities like some families do).
If I were to learn that I was expecting another child (and that’s a rather significant “if”), after the initial panic subsided, I would begin to contemplate whether my forthcoming maternity leave would mirror the staggering costs experienced with my previous five—approximately $10,000 in hospital fees and related expenses, due to the absence of guaranteed parental leave policies in the United States.
These anxieties, among various others, highlight the pressing need for employers to provide competitive and comprehensive benefits packages for parents.
Sadie Funk, the national director of The Best Place for Working Parents, presents a list of parents’ primary requests regarding parental policies—a useful starting point for employers pondering their priorities. These requests, arranged in order of importance, are: flexibility, paid time off, childcare financial assistance, remote work, and parental leave. Families are prioritizing these aspects in a cutthroat job market, emphasizing why employers should thoughtfully evaluate their offerings to attract the best talent, particularly parents.
Top insurance packages for families
Navigating insurance choices can be overwhelming and complicated. Companies that select plans that encompass all fundamental needs while allowing employees an easy selection process are highly favored by parents seeking employment.
Dr. Kanwar Kelley, a co-founder and CEO of Side Health, a platform dedicated to chronic condition management, notes that families also assess several “critical factors,” which include:
- Comprehensive medical coverage: This should cover both inpatient and outpatient care, vital for routine appointments as well as unexpected medical visits.
- Specialist coverage: It is crucial that the plan includes pediatric and specialized healthcare to meet family members’ specific health requirements.
- Emergency room coverage: Verify that emergency consultations, which can become very costly, are entirely covered or come with minimal co-payments.
- Out-of-network coverage: Some plans impose restrictions on provider selections, so it’s essential to check that there’s a degree of flexibility in provider choice.
- Deductibles and premiums: Comprehend the trade-offs between monthly premiums and deductibles—lower premiums might incur higher charges during emergencies or specialist consultations.
“Balancing cost and coverage will be essential for small business proprietors, while larger firms might be better positioned to offer plans with a diverse array of coverage options,” he remarks. Alongside the previously mentioned features, families require access to specialists, preventive care, and mental health services, he continues. If budgets are tight, he suggests prioritizing emergency care coverage and access to pediatricians, as these services are immediate and crucial for families.
Kelley also advocates that employers explore flexible spending accounts or health savings accounts to lessen the burden of out-of-pocket expenses. “Furthermore, they should seek telehealth options for after-hours care or minor concerns, serving as a convenient substitute for late-night ER visits.”
Paid parental leave: A significant differentiator
In a landscape where paid parental leave isn’t yet standard or mandated, employers have a notable chance to establish themselves in this domain. You can be sure that parents on social media are assessing the paid leave offerings of different companies and industries, evaluating not only the competitiveness of salaries but also the duration and compensation of parental leaves.
“Parental leave ranks as the fifth most in-demand benefit, allowing parents essential time with their infants without the worry of financial strain. Studies have indicated that access to paid parental leave positively affects productivity (89%), performance (91%), turnover (96%), and employee morale (99%),” Funk explains. If that’s insufficient, there is extensive evidence illustrating significant mental and physical health advantages linked to paid leave for both parents and their children.
Until a widespread norm of paid family leave is established in the U.S., employers have a unique chance—and perhaps a societal responsibility—to lend a hand.
Mental health, exercise, and additional benefits
There’s nothing quite like the benefits of a complimentary gym membership or access to mental health care providers to help a parent achieve the physical and emotional wellness necessary for effective work performance. Yet, many of these advantages go unrequested, unoffered, and underutilized due to a lack of awareness of their necessity. “Adopting simple, cost-efficient measures like offering flexibility and remote working options can notably improve employee retention and loyalty,” Funk notes.
Unsure of what to prioritize? Consult the parents within your organization. Most parents understand that employers are not (always) limitless in resources and cannot accommodate every request. However, fostering open dialogue and encouraging honest feedback regarding this subject can lead to significant improvements.
“Conducting employee surveys to identify their distinct needs can serve as a valuable resource for organizing impactful policies that both serve employees and enhance the business’s profitability. A brief employee survey could assist in understanding where your workforce stands on caregiving dynamics and which policies could be beneficial for both the organization and its employees to ensure maximum ROI,” Funk states.
She additionally suggests tools such as “caregiver employee resource groups (ERGs), employee polls, and open dialogue sessions.” Employers should utilize a variety of inquiries to investigate the most effective policies, she emphasizes, and juxtapose these findings against current practices. Parents can benchmark their findings within their industry to assess if their benefits are competitive enough, she suggests.
Lastly, Funk stresses the importance of thoroughly communicating the benefits available and exemplifying their utilization by company leadership. She encourages everyone involved to remember that “it’s a mutually beneficial approach” for both parents and the financial health of the employer.
