Ever since COVID-19 disrupted the traditional work landscape, employees in various industries have been seeking more from their employers, and the legal industry is no exception. A national survey reveals that recruitment and retention pose the greatest challenges for 60% of law firms. Factors such as burnout, increased competition, and the pursuit of work-life balance have led to associate attrition rates of up to 25% in some firms. In the past, firms expected to lose about half of their associates over five years, but now they risk losing 125% of their workforce within the same timeframe.
While compensation is undoubtedly a significant consideration, providing supportive programs like fertility benefits that demonstrate a genuine interest in employees' lives outside of work can have an even more significant impact on improving retention and recruitment. Surprisingly, 60% of respondents in a survey stated that they would consider leaving their firm for a better work-life balance. Investing in fertility benefits can also contribute to meeting diversity, equity, and inclusion (DEI) goals, which are high priorities for today's job seekers.
An increasing number of firms are partnering with fertility vendors to offer comprehensive and inclusive solutions. By providing a holistic approach that supports all fertility health and family-forming journeys, law firms can distinguish themselves in the industry.
Surveys have indicated that employees are willing to change jobs to access fertility support. Syrona Health's fertility at work survey found that 67% of employees would stay longer at a company if fertility benefits were offered, and 73% would even consider changing jobs for such benefits. Therefore, it's crucial for law firms to pay attention to this growing trend and proactively offer fertility benefits to attract and retain top talent. HR teams should actively engage with Employee Resource Groups (ERGs) to gain insights into the benefits employees desire, as some individuals may not feel comfortable discussing sensitive requests directly with HR.
Fertility benefits are valuable to a broader range of employees than commonly perceived. Considering that the average person finishes law school in their mid to late twenties and many pursue further education later in life, fertility preservation becomes a relevant option. Fertility declines with age for individuals with ovaries, and sperm health is also affected by age. Assisted reproductive technologies like IVF can address age-related infertility but are often expensive, complex, and emotionally challenging, with limited insurance coverage. By offering funding and care navigation for fertility treatments, law firms can make these journeys more accessible and manageable.
Comprehensive fertility benefits can also extend beyond family-forming goals. They can include support for menopause and low testosterone. Senior leaders and established attorneys may be experiencing symptoms, which can significantly impact their well-being. Syrona Health provides employee benefits that support your workforce no matter what life stage they're at be it fertility, menopause/andropause.