With economists continuing to warn that an economic recession may be coming our way, companies in every industry are—or probably should be—thinking about how to stay afloat.
Often, the focus is on what expenses can be cut or what positions can be consolidated. It’s always a delicate balance as cutting too much can leave businesses unable to perform and compete, making any previous cost-savings a waste.
In this environment, being able to retain your best talent and attract key talent when needed is still essential to survival. So as you’re evaluating your balance sheets, a great place to start is your benefits programs.
Benefits programs are one place you can cost-effectively add perks that can make or break a job decision, especially if they provide the kind of employer support current and prospective employees are actively seeking. Benefits with high emotional and financial implications for both employers and employees, like value-based care fertility benefits, are a great example.
Not only is the prevalence of infertility high – it affects one out of every eight workers1 (more than diabetes, asthma, depression, and most other health issues) – no demographic group escapes its impact. Yet 90% report not getting any medical support at all, leaving them to delay care, make cost-based decisions or struggle in silence, all of which could be prevented.
Add in the high emotional cost (up to 54% experience major depression2), economic impact ($34 billion in spending due to multiple births and $6 billion in infertility-related lost productivity3), and its competitive edge (45% of workers say fertility benefits are an important component when considering a new job4) – and fertility benefits become an even stronger value driver during a recession.
Staying competitive in this market won’t be just about cutting costs, but building the right benefits program that helps you and your employees thrive in lean and prosperous economic environments alike.
For more ideas on how to get ahead of the competition, download our recent whitepaper with EHIR Building a Recession Proof Benefit Program featuring excerpts from a roundtable with benefit leaders where they discussed everything from how value-based care models increase in value, to protecting member experience through cost cuts, and how to identify (and erase) inequities in your program. Get the whitepaper here.
Ready to make your organization #progynyproud? Click here.
1 Source: CDC, National Survey of Family Growth, 2006-2010
2 Domar 1992; Demyttenaere 1998; Parikh 2000; Lukse 1999; Chen 2004
3 Pew Research Center. “10 facts about American workers.” August 29, 2019
4 Source: Fortune, 2022. https://fortune.com/2022/03/05/fertility-benefits-are-a-major-weapon-in-the-war-for-talent/