Working mothers need support through employee benefits

Today’s employers must take a variety of considerations into account when navigating the challenges of a modern workforce. These considerations include flexible work schedules, child care assistance, mental health support and more. Offering a comprehensive benefits package is more important now than ever before in an increasingly competitive job landscape, and employers must keep up if they hope to recruit and retain top talent.

The 2022 Bureau of Labor and Statistics found that the number of working mothers is rising. Moreover, a survey from Bright Horizons Modern Family Index reported 84% of employed Americans believe that having working moms in leadership roles will make a business more successful. However, employers must empower this talent with the benefits that will make them feel supported and valued.

As both a mother and managing partner of a financial advisory firm, I have experienced firsthand the nuances of navigating motherhood and my career, including the importance of designing inclusive family-friendly benefits to make it easier for working mothers like me to continue pursuing careers while simultaneously juggling parental duties. Through this dual perspective as both an entrepreneur and mother, I hope to shed some light on the steps employers can take to retain top female talent by providing the necessary support and resources to working mothers. Why? Competition is fierce – don’t get left behind.

In my practice, I’ve seen the saying “Need something done? Give it to a busy mom” come true time and time again. The unique support working mothers may desire from their employers is worth being met if the business wishes to attract and retain top talent in the industry.

Ultimately, it’s up to leadership to determine the benefits each individual needs to thrive and succeed. These recommendations on how to support working mothers are not intended to cover what is legally required, but rather elevate what leaders can to do attract, retain and support top female talent.

1. If you don’t know, ask. 

Initiating an open discussion can be beneficial when considering which benefits to implement, as the needs for employees with children versus those without can be vastly different. What’s more, for leaders who don’t have children, it can be difficult to put themselves in that employee’s shoes.

Depending on the size of the company, an open discussion could take the form of a one-on-one conversation, or an open-form survey administered through the company. While many considerations or factors might be at play, here are some suggestions for initiating the conversation.

• How can we best support you and your family as you navigate parenthood?
• What does your ideal work schedule and work environment look like (i.e., remote or hybrid schedule, flexible hours, etc.)?
• If you could change one element of our benefits package, what would it be?
• What are your greatest concerns, if any, about our current benefits package?

2. Offer a parental coaching service.

Balancing motherhood and navigating the workplace can be difficult; therefore, employees tend to value companies that not only support their professional career, but their personal journey as well. A study by Ovia Health found that 77% of working mothers consider family-friendly benefits and support to be their top priority when seeking out potential employers. To support working mothers, there are apps employers can offer that provide personalized expertise to help parents return to work after parental leave and navigate each phase of family life.

3. Provide access to mental health support.

According to 2022 Harris Poll data commissioned by CVS Health ®, 42% of working mothers have been diagnosed with anxiety or depression. Caregivers, especially working mothers, tend to put the needs of others before their own; therefore, it’s critical for employers to offer mental health support to all employees.

In addition to offering mental health resources, setting a work-life balance expectation may help ease anxiety and stress for employees. While work-life balance looks different for every company, some ways we promote healthy boundaries in our firm include:

• Encouraging employees to turn off their email notifications on the weekends.
• A company culture where breaks are not just accepted but encouraged.
• Mental health days for employees.
• Summer office hours.

4. Workplace flexibility.

If possible, consider implementing flexible work options to accommodate working mothers and primary caregivers. A 2021 study from Catalyst found that long-term remote work options can be beneficial to retaining more women in the workplace. In this study, 32% of women with child care responsibilities reported being less likely to leave their job if they have access to remote work, compared to the same demographic of women without this flexibility option. In our firm, different roles and opportunities can provide an individual with the level of flexibility they need. The financial advisor career may be particularly attractive to working mothers hoping to design their own day, week and month based on what works best for their family.

5. Understand your financial options.

The financial industry has an added consideration for firms who hire people as independent contractors, also known as 1099 employees. 1099 employees are not legally required to receive the same benefits as full-time workers and are therefore expected to pay expenses, such as health care, out of pocket. However, if an employer wants to develop a long-lasting relationship with 1099 contractors, then offering competitive benefits may help with retainment.

6. Offer fertility, surrogacy and adoption service support.

Although some employer-sponsored health insurance plans cover infertility treatments, most of these benefits are not comprehensive enough to make fertility care accessible and affordable for everyone. By covering these expenses, an employer can help their employees overcome the financial hurdles of starting a family. If it is not feasible to cover these expenses, employers can consider providing flexible work arrangements that allow women to take necessary time off for appointments and treatments.

7. Get creative.

Don’t feel limited to designing benefits based on current industry standards; instead, think outside the box. For example, Northwestern Mutual offers unique benefits for financial advisors going on maternity leave. The Return to Work Allowance, a financial lump sum based on past performance, and the Level Renewal Option program both help to provide consistent income if they must leave work for an extended time. The LRO program is especially beneficial for female financial advisors in the immediate 12 weeks following a baby’s arrival. Creating unique benefits based on the needs of each individual helps to set the company apart from its competitors, and as a result, attract and retain top female talent.

Remember that when considering which benefits to implement, equality is not always the answer. Just as every client requires their own customized financial plan, each employee has unique needs. Engaging in frequent conversations with employees about their current needs and allowing room for flexibility is an important piece to offering fair benefits and creating a healthy environment for working mothers.

Kate Michaels is an insurance agent of Northwestern Mutual. She may be contacted at [email protected].

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