Two years ago, asset management firm TCW added a slate of family-building benefits to its roster, realizing its employees may need help having a child. The benefits include reimbursements for adoption, IVF, surrogacy, and egg-freezing costs, as well as paid time off to welcome a child.
“Our employee population is evolving. People now build families in different ways,” said Jessica Kung, executive VP and CHRO at TCW. “And those timelines can be maybe more later in life than they used to be.”
TCW isn’t the only company coming to such a realization, yet adoption benefits lag behind other offerings. Last year, 37% of companies offered paid leave for adoption, up from 27% in 2020, according to a report by the International Federation of Employee Benefit Plans. Financial reimbursement for adoption costs didn’t rise as sharply, growing to 20% last year from 17% in 2020. In contrast, the study found that 42% of companies offered fertility benefits, up from 30%.
Rita Soronen, president and CEO of the Dave Thompson Foundation for Adoption, said offering adoption perks would give employers an advantage.
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