The essential family benefits checklist for the finance industry

What you need to know before you select your parenting and caregiving benefits provider.

A recent wellness survey from a newer banking industry customer called out stress, anxiety, and finding a work-life balance as three major areas of concern for employees. The vast majority of employees are also caregivers—either as parents of small children or as an unpaid eldercare provider, and often both.

Of course, areas of concern for employees quickly turn into areas of concern for employers. Absenteeism, burnout, quiet quitting, and healthcare spend are all incredibly costly for the finance industry, with care-related absenteeism alone resulting in a loss of $44 billion per year.

Fortunately, family benefits like Cleo are a cost-effective solution to managing those areas of concern, with more and more financial institutions adding competitive benefits to their compensation packages to recruit and retain employees.

Before implementing a family benefits solution, review this checklist of key features and results to ensure that you’re making the most cost-effective and consolidated decision:

☐ Does this benefit help me reduce costs associated with burnout, absenteeism, presenteeism, and loss of productivity?

• The stress of life outside the workplace is typically the cause of most of these expensive issues. Among all working parents with children under age 18, more than half (56%) say it is difficult for them to balance the responsibilities of their job with the responsibilities of their family. WIthout support, productivity plummets.

☐ Is this benefit available to my global workforce?

• Large banking and financial institutions have employees worldwide, whose needs affect the same bottom line as domestic workers.

☐ Does this benefit address the greatest proportion of my employee population, as opposed to a small percentage?

• 73% of all employees are also parents or caregivers to an aging adult, or both. That includes all life stages, from building a family to birth to raising kids and teenagers, to caring for aging adults and elders.

☐ Does this benefit address my diversity, equity, and inclusion (DEI) needs?

• While caregivers span every demographic, age, ethnicity, and income level, women account for over 75% of all caregivers. Moreover, Black and Latino families are more likely to struggle to find quality maternity and after-school care.

☐ Does this benefit help plan for future demographics, in addition to current ones?

• Creating a family-inclusive culture is a business imperative. Last year, there was a 151% increase in the number of employees spending 9+ work hours per week on caregiving compared to the year prior. As an example of the changing caregiving landscape, the number of people over 65 with Alzheimer’s may grow to a projected 12.7 million by 2050.

☐ Does this benefit support my employees with their own self-care and emotional and physical health needs, in addition to the needs of those they’re taking care of?

• Nine out of 10 (90 percent) women say menopause symptoms affect them at work. About 27% of white-collar workers say they would quit and look for new jobs if their employer didn’t do a better job of addressing their mental health needs.

☐ Does this benefit support my company’s need to remain competitive?

• Nearly 80% of employers agree that expanding caregiving benefits could improve efforts to attract and retain employees. Zero percent said caregiving benefits have absolutely no bearing on these efforts.

☐ Does this benefit have proven ROI?

• 100% of Cleo members who initially screen as a severe risk on Cleo’s emotional wellness assessment report an improvement after a Cleo intervention.

Banks and financial institutions know that their employees aren’t just workers; they’re also human beings. By supporting their lives outside of the workplace, companies can ensure that their employees can be their best selves and do their best work.

Spoiler on the above checklist: Cleo can do all of the above, and more. Visit this link to request a demo.