Companies Enticing Employees To Stay By Offering New Benefits Like Elder And Pet Care

These options are an attempt to ensure workers feel affirmed and supported by their employers.

More companies are offering employees a wider range of benefits that reflect the changing times, including elder care and pet care.

The NFP’s 2024 US Benefits Trend Report confirmed an uptick in interest for benefits outside of the traditional paternity and paid time-off limits. A majority of workers are considering companies that offer nutrition and exercise programs, as well as mental health support such as meditation and stress management services.

Moreover, popular benefits also include care for elderly or sick relatives, as well as pet insurance. Less traditional but more inclusive coverage entails leave for grandparents and pet bereavement.

These coverage options are to ensure workers feel affirmed and supported by their employers. They also entice new employees to join or current ones to stay. One expert, Dan Schawbel, managing partner of leadership agency Workplace Intelligence, believes that the expansion of benefits reflects society’s evolving take on family.

“This holistic approach to employee benefits not only fosters a more inclusive workplace but also acknowledges the interconnectedness of work and personal life, promoting a more compassionate and understanding corporate culture,” explained Schawbel to the New York Post. “The trends of offering unique family support-type employee benefits appear to be more than just passing fads; they are likely here to stay. As the workforce becomes more diverse and as values around work and life continue to evolve, more organizations are expected to adopt similar policies to stay competitive in attracting and retaining talent.”

IVF treatment has also emerged as a greater priority for company benefits. Moreover, the number of people undergoing IVF treatment has increased annually. According to the American Society for Reproductive Medicine, IVF births accounted for 2.5% of all U.S. births in 2022. This number, 389,993 specifically, rose 6% from the year prior.

“This is a more common practice in the last ten years than ever before,” emphasized Corinne Jones, President of CJC Human Resources Consulting, to the news outlet. “For those that can’t start a family and want to, nothing compares in priority. Finding an employer that shares this priority is more important than any other benefit by far.”

Companies have continued to offer these benefits in the fine print. Ensuring that employees feel encouraged and allowed to use them remains a hurdle.

“Fringe benefits cultivate a healthy work environment, as long as there is a culture that encourages employees to take the fringe benefits,” said Lauren Becker, an HR consultant. “Simply providing fringe benefits on paper but promoting a culture where no one uses them is less likely to result in the cultural improvements that employers may be hoping for.”