Building a comprehensive family benefits strategy for your finance workforce

With 31% of the workforce currently expecting a child or planning to grow their family, comprehensive family benefits are more important than ever for finance companies to attract and retain top talent. 

Family benefits have only become more important to employees in recent years. In a recent survey, 68% of respondents said they would consider switching jobs for better fertility benefits. Family benefits are no longer a nice-to-have offering for finance companies; they are necessary to attract and retain top talent and reduce the industry’s pervasive racial and gender inequities.

The changing landscape of employee benefits in the finance industry

The quest for work-life balance is nothing new. In fact, 75% of boomers and Gen X also care more about their life outside of work, but millennials and Gen Z in the workforce are taking a different approach. More than in-office perks like ping-pong tables and kombucha on tap, younger generations care about flexibility and stability. 

Nearly 40% of millennial and Gen Z employees have turned down job offers from companies that don’t align with their values. While many companies have made progress in diversity, inclusion, equity, and belonging (DEIB) and sustainability efforts, a 2023 study still found that less than half of the millennial and Gen Z workforce believe business is having a positive impact on society. 

According to Maven Clinic’s 2024 annual report, better benefits are essential to attract and retain a high-performing, engaged workforce, especially with younger generations. Gen Z is particularly focused on comprehensive family care—including fertility, maternity, and parenting resources—even if they haven’t started their family yet. Especially in the finance industry, companies that don’t offer comprehensive, equitable care risk losing employees to competitors that do: more than 60% of employees are more loyal to their employers if they provide family benefits. 

The importance supporting diversity and inclusion through benefits

Despite making up nearly half of the total finance workforce, women only hold 14% of leadership roles. The gender pay gap also persists most egregiously in this sector, with women in finance earning only 61% of what their male colleagues do. This number is even lower for women of color and Black women specifically. 

In the finance and insurance sector, nearly 50% of women intend to leave their current employer, compared with only 20% of men. Women consistently herald work-life balance as a main reason they leave their finance jobs, with companies that offer flexible working arrangements boasting lower attrition rates.

The financial sector has one of the worst burnout rates of any industry, with over 80% of employees feeling overworked and underappreciated. Since the burden of care disproportionately falls on women, they experience higher rates of burnout, with almost half of female senior leaders reporting symptoms. Finance companies with engaged and supported employees don’t only have better employee retention rates and more productive employees; the companies themselves are more profitable. Across industries, studies have shown over and over that diverse and inclusive workplaces are better for business.

To combat burnout and close the industry’s race and gender pay gaps, it is imperative to support working women and families by listening to what they need: Employees are asking for comprehensive women’s and family benefits and flexible work options. 

Key components of a comprehensive women’s and family benefits program 

Unsure what family benefits actually encompass? Here are some of the key areas where finance companies can support their employees, leading to higher employee engagement, productivity, and profitability. 

Fertility & family building support

Nearly three in four millennials said they would change jobs for better family and fertility benefits, and 61% reported greater loyalty to their company when provided with these benefits. As companies enact better benefit policies, it’s important that fertility benefits are holistic and focus on three important pillars: clinical health, emotional health, and financial health. 

Clinical health includes covering IVF and IUI procedures, giving employees access to a network of vetted fertility clinics, aiding future fertility through egg and sperm preservation, and providing inclusive and educational resources for employees at every step in their fertility journey. 

Emotional health also extends throughout the family-building journey. Mental health specialists can offer invaluable support to employees facing prolonged infertility, pregnancy loss, and reproductive anxiety. This emotional support is also critical for families going through the often arduous adoption and surrogacy processes. 

Since many fertility paths are expensive, the financial health component includes reimbursement for procedures not covered by insurance as well as financial coverage for adoption and surrogacy. 

Inclusive, end-to-end fertility benefits should also include preconception care and coaching for individuals and families trying to conceive. Additionally, depending on where employees live and work, finding a specialist that offers culturally-humble care can be challenging, especially if they are part of the LGBTQIA+ community. Access to virtual specialists and coaches can help employees receive best-in-class care regardless of geographic location.

Maternity and return to work support

In recent years, there has been an exodus of women from the finance industry, and 80% of the gender employment gap is due to job demands making it too difficult to balance work and care commitments. 

Providing holistic support for employees at all stages of their parenthood journeys is the best way to mitigate this attrition. Connecting soon-to-be and new parents with OB-GYNs, doulas, lactation consultants, midwives, mental health counselors, and sleep coaches can help mitigate pre- and postpartum health challenges. 

Additionally, companies can provide return-to-work resources like personalized, on-demand coaching and childcare support to make parents’ transitions back into their jobs more seamless. This care should also begin before an employee takes parental leave, reinforcing job security when they return.  

Parenting & pediatrics support

Many new parents struggle to balance the many responsibilities of work and family and may be looking for additional support. Intentional 1:1 meetings with employees returning to work after parental leave can help get them up to speed with company developments and ensure they feel capable in their roles again. For additional support, companies can provide access to specialists who can help working parents achieve a healthier work-life balance. 

It’s also important for working parents to build community at work with other parents at their company and in the financial services industry. An employee resource group (ERG) for working parents can provide resources, community, and support, as can virtual forums where they can connect with peers.

Paid parental leave policies

Flexible return-to-work options for new parents can ease the transition for employees and employers alike. To promote gender diversity and inclusion in the industry, companies can offer paid parental leave for new parents of any gender. These leave policies should also include time away for adoption and surrogacy. Many companies across industries now provide financial support for adoption and surrogacy as well. 

Childcare and dependent care support

Employees and employers alike are feeling the financial, mental, and emotional impact of the current childcare shortage, with 34% of working mothers leaving their jobs due to lack of childcare support. The burden of childcare falls disproportionately on women and thus forces them out of full-time employment, costing the U.S. economy $650 billion annually.

Childcare now accounts for the single biggest line-item expense for the average American family, above housing, healthcare, and food expenses. To help, finance companies can offer subsidized or on-site childcare facilities. Since only 30% of working parents have backup childcare, employer support can make the difference between employees staying or leaving. Companies can also offer flexible spending accounts (FSAs) for dependent care expenses to help mitigate the high costs of childcare for working parents. 

Mental health benefits

At least one in five new mothers experience postpartum depression and anxiety. By providing access to mental health practitioners who specialize in working with new parents, finance companies can help working parents navigate these big life changes and feel less alone.

Flexible work arrangements

While remote work and flexibility is important for many new parents, flexible work arrangements are imperative to attract and retain millennial and Gen Z talent, as well as women in finance. Additionally, financial companies can offer alternative schedules and more part-time opportunities to make work more accessible for new parents.

Implementing and promoting your family benefits program

Building a strong communication plan

With nearly half of employees reporting that they don’t fully understand their benefits, a strong communication plan is key. To communicate effectively about available benefits, companies should use their various channels—including intranet, email, Slack, social media, office hours, and live Q&A sessions—and also highlight success stories with employee testimonials. Since good benefits are increasingly important to Gen Z and millennial job applicants, be sure to communicate clearly to prospective candidates too.

Fostering a supportive company culture

Almost half of female finance employees feel burnt out, and burnout rates increase dramatically with working parents. To mitigate these issues, encourage leadership buy-in and model healthy work-life balance from the top down. Creating ERGs can help employees find community and share strategies with each other, and ensuring managers have training and resources allows them to spot signs of burnout on their teams and prevent it.

Measuring success and continuous improvement

Once companies implement a comprehensive family benefits program, it’s important to evaluate its effectiveness to ensure employees are using the benefits and satisfied with them. Evaluation methods include annual or semi-annual employee surveys, focus groups to gather employee feedback, analyzing usage data, and tracking health outcomes among employees. Benchmark against industry best practices and learn from the finance companies known for their comprehensive benefits and subsequently higher employee retention rates.

How Maven can help finance companies implement effective family benefits

Family benefits are not just good for employees; they are also good for business. Beyond attracting diverse candidates, comprehensive family benefits help to foster a sense of inclusion, belonging, and care. Studies show that diverse and inclusive workplaces see higher revenue growth, more innovation, and better employee retention.

While creating a comprehensive family benefits program can be daunting, Maven can be a valuable partner for finance companies and their employees' family needs. As the leading women's and family healthcare company, Maven provides a suite of benefits to support with fertility and family building support, maternity, parenting, and menopause.

To find out more about offering benefits with Maven, request a demo today.