Benefits That Support Working Parents
Being a parent in today’s fast-paced workforce is no easy task. Working parents must balance job duties and caring for their children. What is your organization doing to support them?
The pandemic brought new challenges that forced working parents to evaluate their priorities. That resulted in many parents quitting their jobs. In fact, an average of 4 million workers quit their jobs each month in 20211, leading to what many are calling the “Great Resignation.”
Employers are scrambling to retain and hire quality employees during this competitive market. As such, increasing benefits to help support working parents should be considered.
Three benefits you should provide to support working parents
Disability Insurance
Offering short- and long-term disability insurance is one way to help working parents focus on financial wellness. It’s especially helpful if employees become unable to work due to a covered injury or illness. This can be an enticing benefit for parents who want to help ensure their family is financially covered in a time of need.
See more about how disability insurance works
Dependent Care Accounts (DCA)
DCA’s are another option to help employees navigate the stresses of childcare. These allow employees to:
- set aside pre-tax dollars
- use that money to pay for eligible dependent care expenses
Eligible situations may include daycare, before or after school care, nannies and babysitters, and day camps. Children must also be younger than age 13.
How it Works:
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Supplemental Benefits
It’s common to focus on core health benefits when creating your benefits package. But you should also consider adding supplemental benefits. These allow employees to customize their coverage based on personal needs. Benefits like accident insurance may help pay out-of-pocket expenses to offset:
- Deductibles
- Coinsurance
- other expenses not covered by traditional health insurance
Supplemental benefits also support working parents who want help with unforeseen events.
Support for your employees doesn’t stop there.
But wait! Offering these benefits isn’t enough. Employers need to develop a multi-channel communication strategy to engage employees. Communicating about benefits can help show your people you care about their well-being.
Learn more about how benefits education can lead to higher satisfaction with employees
American Fidelity specializes in benefits education. We’ve seen how a fully integrated strategy can increase benefits participation. That increase can often lead to better employee engagement and satisfaction.
This blog is up to date as of June 2022 and has not been updated for changes in the law, administration or current events.