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February 2024  Volume 22, Number 2        
 

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How Tailored Benefits Can Support Women in Today's Workforce

Balancing work and family responsibilities continues to be a significant challenge for many women. While female participation in the labor force has rebounded to pre-pandemic levels, women still face disproportionate caregiving duties at home. Employers have an opportunity to support working mothers and women at all life stages through tailored benefits.

Inclusive Support for Working Moms

The pandemic exacerbated women leaving their jobs, with over 54 million women globally exiting the workforce. Working mothers, in particular, have struggled with burnout from juggling parenting duties, homeschooling, caregiving for elderly parents, and work responsibilities.

Employers can provide meaningful support through family-friendly policies. For example, childcare and eldercare financial assistance can offset the high costs caregivers face. Employers like GoDaddy, Instacart, and Coursera have introduced “returnship” programs to help parents restart their careers. Other simple solutions include flexible work arrangements, generous paid family leave policies, and backup childcare benefits.

Prioritizing Inclusivity and Employee Wellbeing

Women leaders have been leaving their jobs at higher rates than men. According to McKinsey's 2022 Women in the Workplace report, burnout is impacting 43% of women leaders compared to 31% of men at the same management level.

Women leaders often take on additional work fostering inclusivity that goes unrecognized. Compared to men, they often provide more emotional support, checking in on wellbeing, and helping colleagues manage burnout.

To retain talented women, organizations should nurture employee well-being and create a culture centered around compassion that can prevent leader attrition and boost engagement.

Holistic Support across All Life Stages

As women progress through different life stages, their benefit needs evolve. While most employers offer robust maternity and new mother support, few provide adequate assistance for issues like fertility challenges and menopause.

Menopause symptoms often begin with perimenopause, which starts on average at age 47. As women reach their 40s and 50s, they desire more resources around the physical and emotional changes occurring. In one survey, nearly half of women found their 50s the most difficult career period due to menopause stigma and side effects impacting work.

Forward-thinking employers like Nvidia now provide menopause support services for employees. Resources include virtual consultations, counseling, symptom-tracking tools, and manager training to foster understanding. Taking a life-stage approach to women's health nurtures a culture where women can bring their whole selves to work.

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In this issue:

This Just In ... The Shocking High Cost of Covering Obesity Drugs

Six Healthcare Trends Employers Can't Afford to Ignore in 2024

How to Attract and Retain Top Talent in 2024

What the Transformation of PBMs Could Mean for Employers

How Tailored Benefits Can Support Women in Today's Workforce

 

 


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