SHRM study reports family benefits as high-ranking

"Benefits changes in 2023 are all about family.

The need for heightened family support during the pandemic seems to have evolved into long-term parental benefits.” —SHRM 2023 Employee Benefits Survey

The burden of caring for kids and older adults can fall more heavily on women, causing them to leave the workforce like we saw in the millions in the last few years, so your clients may struggle with gender diversity as a result.

The SHRM study goes on to show that LEAVE is the third most popular benefit with one-third of employers (33%) now offering it.

Almost 20% of employers (18%) provide paid leave to care for extended family.

For your clients who offer paid leave, a family care benefit—like what Ways & Wane offers—can actually save them money by supporting return to work or even preventing a leave of absence.

Growing Importance of Eldercare Benefits

If you are not getting employers requesting support for their employees’ parents now, you will in the future—and this is your opportunity to be a forward-thinking strategist.

Our population is aging. For the first time in history, we will have more people over 65 than newborns. Even the CDC acknowledges that the care crisis is coming, describing it as an “emerging public health concern”. Because 70% of those people will need long-term care.

Offering a caregiving benefit supports those employees who are caring for older adults.

Source: SHRM, 2023 Employee Benefits Survey

Federal Funding and Family Care Benefits

Here’s another opportunity for you to educate your clients: The government is recognizing working families need childcare and eldercare support.

For semiconductor companies to receive funding from the Biden administration, they needed to supply childcare and eldercare benefits to their employees! (Recent White House executive order on caregiving and CHIPS semiconductor incentive)

If you have clients who are supplying any government agency with goods or services, the administration is encouraging suppliers to offer childcare/eldercare benefits.

You may also have noticed states providing some LTC insurance, paid leave; childcare credits to employers, to employees or subsidized childcare.

Forbes Resource on Supporting Employee Caregivers

Do you recognize the caregivers in your company? Likely they don't call themselves caregivers. Instead they identify as a parent, a daughter, a son. Their concern over their dependents affects their focus at work. The Forbes article: "Three Resources for Supporting Employees Who Are Caregivers" calls out a few ways to help.

Offered by employers as an employee benefit, Ways & Wane solves family care challenges, allowing employees to be fully present for work.