Why US Banks are increasingly investing in family & maternity benefits
Offering equitable, preventative, and attractive health benefits for employees is one of the most challenging obstacles HR leaders face every year as premium costs increase and consumer preferences shift. Many financial institutions, including some of the largest banks in the country, have embraced this challenge by expanding the definition of traditional health and wellbeing benefits to include maternity benefits and family solutions like Ovia Health.
Among the diverse set of companies Ovia Health proudly supports, US banks have been some of the most proactive employers to not only offer their populations the most loved and trusted digital health solution utilized by more than 15 million women and families, but actively work to drive engagement utilizing their existing programs, to ensure happier employees and better health outcomes.
Financial industry demographics, maternity benefits, and maternity care by the numbers
- Approximately 50% of babies are born on employer-sponsored health plans
- 43% of highly qualified women with children leave their careers after giving birth
- Replacing an employee who leaves after giving birth can cost up to 213% of annual salary
- 89% of millennial parents prioritize benefits over pay raises and 83% would change jobs for better benefits
- 88% of Ovia Health parents are still with the same company a year after giving birth
- 7 of the country’s leading banks are utilizing Ovia Health to better support their families
Targeted impact on population health and organizational wellbeing
With over two million women dropping out of the workforce in 2020, we’ve effectively rolled back decades of progress on gender equality, an impact that has profound implications on businesses for many years to come. The pandemic has intensified challenges that women, particularly women of color, already face. This is an emergency for corporate America, as companies are losing women in leadership roles as well as future female leaders, in alarming numbers.
The crisis can present an opportunity, however. If companies invest in building more flexible and empathetic workplaces, they can retain the employees most affected by today’s emergencies and foster a culture in which women have equal opportunity to achieve their potential over the long term. Employers are quickly adopting proven strategies and solutions to combat this devastating trend and ensure that their employees feel supported and guided through some of the most trying periods of their careers.
By working closely with HR leaders at the country’s top banks and financial institutions, we find that salaries and increased time off can only go so far in attracting and retaining top talent. Working mothers need better support and clinical attention before, during, and after their leave as well as better social support and more flexibility throughout the family-planning process, starting pre-conception.
A truly equitable benefits solution for every path to parenthood
Traditional family-building benefits are built for heterosexual couples, and often don’t take into account the unique experiences and challenges of family-building for LGBTQ+ families or single parents. Whether or not an employee identifies as LGBTQ+, more and more workers want to know that their employer is considering the needs of all employees and offering benefits that are fair and equitable to their coworkers.
Going above and beyond to offer truly inclusive and equitable benefits, especially maternity benefits, shows that employers are committed to fostering a diverse workforce, and employers with more diverse workforces are 35% more likely to outperform their industry counterparts in revenue and earnings growth alone. Ovia Health supports all paths of parenthood, including social cryopreservation (egg freezing), adoption, surrogacy, infertility, and planned conception without the need of assisted reproductive technology (ART), making it truly equitable across the organization.
For employees considering fertility treatment, our coaching team is able to provide compassionate, customized education about when it’s time to consider treatments and how to discuss the topic with their provider. Ovia coaches include those who have received infertility treatment, been a surrogate, served as an egg donor, conceived as a single-mother-by-choice using donor sperm, had twin pregnancies, and more. These diverse experiences enable them to guide members through the risks and benefits of different treatment options, such as side effects and success rates. They also work with employees to navigate their available employer- or health plan-provided benefits, including infertility services.
The only evidence-based, clinically-proven maternity benefits solution that drives measurable results
With 83% of participants engaging daily and during pre-conception or by the end of the first trimester, Ovia Health is able to clinically-prove a 30% decrease in ART-utilization and 28% reduction in preterm births. Advanced health assessments and symptom tracking alert members when a potential medical or mental health issue is detected, and navigate them to the right support, proactively detecting and preventing high-risk complications. Predictive analytics, risk stratification, and tailored intervention drive significant results, ensuring that the program quickly pays for itself in the first year of partnership.
Employers experience massive losses when employees leave mid-career or after giving birth. While many mothers wish to come back to work after their children are born, they struggle to find the right support. Research shows that good health outcomes for mothers strongly depend on two main factors during their first year: social support and perceived control. When companies are able to promote these two factors, and have top-of-class maternity benefits, everyone wins.
Ovia Health is empowering women and families to make the best choices for their health and helping companies make the most of their health programs. To learn more, please visit oviahealth.com, schedule a demo, or reach out to me personally at email@example.com.