According to new research published in January 2024 from WTW titled “2023 Leave, Disability and Time-Off Trends Survey,” as many as 73% of employers surveyed have or plan to upgrade their leave programs in the next two years.
When asked why employers are weighing these changes, the top reason (73%) was to support and evolve employee retention and attraction efforts. What’s more, 72% cited enhancing employee experience as a top priority, and 32% cited making changes to DEI initiatives as their motivating factor.
Moreover, these reasons cited were consistent across employers ranging in size and industry nationwide.
Paid Caregiver Leave and Paid Parental Leave
Specific leave changes that employers would like to improve include parental leave, caregiver leave and bereavement leave.
Notably, paid caregiver leave stands to experience some of the most substantial increases. Although 25% of employers report having a paid caregiver leave policy in place today, another 22% of employers are planning or considering it over the next two years.
For parental leave, although most employers currently offer paid leave (86% provide maternity leave, 82% provide paternity leave and 82% provide adoption leave), almost one-fifth of those companies plan to increase the value of their current programs.
“Following a great deal of change over the past few years, including how and where people work, employers are recognizing the importance of flexible leave programs that accommodate the diverse needs of their employees and evolving work styles,” said Alex Henry, Group Benefits leader, WTW in a statement. “By modernizing time-off programs, employers can create a supportive work environment that fosters engagement and improves the overall employee experience.”
To read the complete study and methodology, click here.
Comprehensive Caregiver Support Benefits With Cariloop
Whether tweaking your current employee benefits program or redesigning from the ground up, employers and HR leaders must weigh the decision to provide caregiver support benefits against their workforce population.
Do you know what percentage of your workforce are caregivers? Statistically, that figure could be as high as 73%.
Could employer-provided caregiver benefits simultaneously support other strategic initiatives that are underway? Consider DEI or DEIB planning, mental health support or how to attract and retain top talent.
Whatever the case may be, remember that your benefits plan must be designed with your specific population’s wants and needs in mind.
To learn more about how Cariloop’s end-to-end digital platform and licensed Care Coaches can support caregivers at all stages of life, review our Solutions and contact us today.
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