June 11, 2024

Family Benefits Top the Hierarchy of Employee Needs

Employee Benefits

2 min read

Family Benefits Top the Hierarchy of Employee Needs

Family tops the hierarchy of needs for many employees. Whether or not an employer helps an employee meet the needs of their family can be a major determining factor in the length of their employment.

Many family-related events arise in life which require people to take time off work. This is a serious issue. A Forbes Advisor article, Key Savings Statistics and Trends in 2024, states that more than a third of Americans have an emergency savings of $5,000 or less. Having various types of paid leave can be critical in this regard. Legislation is also emerging in many states requiring employers to offer paid time off for matters like family bonding and family members experiencing serious health conditions.

Accommodating caregiver employees

Employers may need to make considerations for employees in the “sandwich generation.” This term refers to people who have caregiving needs for both children and parents. These individuals may need and appreciate access to resources that can help manage this additional stress. These resources can include discounted child- and elder-care services, online after-school tutoring, and coverage and resources to help children with learning disabilities. Employee benefit programs can deliver these services through:

Customizable point solutions
Employee assistance programs and other mental health services for both the caregiver and their dependents
Schedule flexibility and appropriate time off

Family building benefits are key

It’s also important for employers to consider the resources necessary to build a family. Providing resources from the planning stage to pre- and post-natal support for the mother, child, and family demonstrates how deeply employers value their employees.

Family planning resources can include medical coverage for pregnancy planning and fertility services. Adoption assistance and paid child bonding time are also valuable options to consider. Keep in mind that family planning isn’t always a smooth process. Providing mental health support for those experiencing family planning difficulties – such as post-partum depression or miscarriage – can be extremely beneficial.

Benefits matter

Employers and employees seem to have different ideas about what it means to be cared for. When an organization offers comprehensive benefits that employees need, it adds tangible value to their lives. Enriching personal and family experiences helps bring employees closer to their goals and eliminates obstacles along the way.

Prioritizing family is what employees hold sacred and is just one of five key pillars of well-being that helps your workforce be healthy, happy, and prepared for life’s challenges. Learn how your organization can meet both business and individual needs through employee benefits programs that address well-being. Download our white paper, Five Pillars of Well-Being – A Strategic Approach to Employee Benefits, for a Thriving Workplace, or contact us today.

With more than 10,000 clients managed in our National Employee Benefits Practice, Risk Strategies delivers the high-quality, cost-effective, and compliant benefits programs and solutions employers needs and employees value. Visit risk-strategies.com for the latest observations in employee benefits.

The contents of this article are for general informational purposes only and Risk Strategies Company makes no representation or warranty of any kind, express or implied, regarding the accuracy or completeness of any information contained herein. Any recommendations contained herein are intended to provide insight based on currently available information for consideration and should be vetted against applicable legal and business needs before application to a specific client.

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