Workplace benefits have changed markedly in recent years form being on the fringe of employees’ lives to being crucial.
We have seen that with benefits such as the Employee Assistance Programme which champions mental health, as well as workplace nursery provision – high-quality childcare at a huge saving.
The trend could now move on to fertility and benefits that help those who are struggling to conceive.
In the UK, there is fertility help available on the NHS including the potential for IVF but there is no universal level of support or help.
The amount of IVF help available to any couple varies by postcode and many face the heartbreak of the help ending before they have successfully conceived. It is perhaps unlikely that the support available from the NHS will increase any time soon given budgetary pressures and the pressure of the ongoing Covid-19 pandemic.
Any assistance from an employer is therefore of huge benefit to any individual facing fertility issues and potentially a huge bill for IVF treatment.
This ties into the growing trend for employees to value workplace benefits extremely highly, indeed they are often more of a motivating factor than changes to salary. Any help with IVF could potentially save someone far more than they would receive in any salary rise.
The message is also compelling. This is an employer who, far from being concerned that employees might have time off for childcare, is actively helping them at an important stage in their life. Loyalty is increased from existing employees while the benefit is also a compelling extra reason to join for any talented new recruit.
Fertility benefits are, though, still in the early stages.
In the UK, Fertifa has received funding for its service. They sell bespoke fertility and reproductive health packages to UK employers and these are offered as a workplace benefit. As with all similar workplace benefits, they are a benefit in kind and so the employee saves greatly across tax and National Insurance.
The market for a benefit of this kind is potentially huge – up to one in seven couples experience fertility problems – though that is not to say all will go on to require IVF treatment.
Imagine this as a differentiator for your business, one among many. A good job, career progression, a competitive salary but look at all the other perks. Things that are there should you ever need them – childcare, help with fertility, discount schemes for gym, travel, holidays and more.
Currently, the benefit is most common among major US tech firms, this in part because there is no equivalent access to free IVF treatment as there is, for many, on the NHS.
What we find most interesting as dedicated workplace benefit suppliers is this move to benefits offering more of an all-round service.
Employers have perhaps been either reluctant to get overly involved in employees’ lives or unaware of the benefit.
There may have been a fear of being intrusive – a feeling that people won’t want to share their personal concerns.
However, benefits can be managed in an anonymous fashion and the benefit outweighs any concern. Someone requiring a form of assistance will get it from somewhere, all the better if they can save money and receive excellent support by taking advantage of a workplace benefit.
If you are interested in expanding your existing range of workplace benefits or would like to discuss how to create a package of benefits that is truly suitable for your workforce, please contact us for an obligation-free conversation.
At Enjoy Benefits, we have great experience in helping companies of all sizes introduce benefits that are suitable for their workplace.
Benefits are easy to set up and ongoing administration is then run through a hub, this allowing employees to manage their own benefits while the employer can see which benefits are proving popular and what level of take-up each has had.
If you would like an obligation free chat to discuss which benefits might work for your business and your employees, please contact us by calling 0800 088 7315 or using our Contact Form.