Ally Financial is increasing access to infertility treatments to support team members facing fertility challenges.
By Zee Johnson
Between organizations polishing up on their appeal and employees seeking as much fulfillment from their employers as possible, companies have been strengthening their benefits offerings to become an employer of choice. One way they’ve been doing this is by expanding their fertility benefits.
A recent study found that one in six people globally experience infertility at some point in their lives, and while infertility treatments are inaccessible to many because of cost, less than one in five companies offer coverage for egg freezing, for instance, and other fertility benefits.
Ally Financial recently decided to expand fertility benefits in an effort to foster an inclusive environment and the company’s Executive Director of Total Rewards Gwen Gollmer says its close-knit workforce was a key inspiration behind the expansion. “The feedback we heard from teammates, the conversations with our employee resource groups (ERGs), and a desire to provide benefits that meet the needs of our diverse employees were the main drivers behind our fertility benefit expansion,” she says.
She adds that more than half of Ally’s workforce participates in at least one ERG, and the feedback that stems from these groups is strongly considered when determining how benefits can best support them, their families, and their communities.
Here are some of the fertility benefits that the company now offers.
- Egg and sperm freezing with one year of storage.
- Removal of an infertility diagnosis requirement for more people to receive fertility benefits.
- Introduction of surrogacy benefits and increased adoption reimbursement, allowing up to $35,000 for each adoption or surrogacy and the option to use each benefit twice.
All of these changes, Gollmer says, reflect the company’s commitment to inclusivity and support the notion that in today’s world, families are formed in many ways. She also says that these improvements have directly impacted engagement, company culture, and business results. “Our benefits are designed to help alleviate emotional, physical, and financial burdens so our employees are able to bring their full selves to work and focus on both the personal and professional goals,” she says. “While quantitative metrics are important, the intrinsic value of the investment is reflected in employee engagement, in our retention rates, and how happy our teammates are in their careers at Ally.”
And though many companies are currently scaling back during this economically tumultuous time, Gollmer encourages leaders to look toward the future. The long-term, trickle-down effect of being overtly supportive of employees, professionally and personally, will always place companies in a winning position.
“As companies review their benefit offerings and the associated costs, it’s important to not allow short-term challenges, such as economic uncertainty, to distract from long-term plans for creating a total rewards package that provides value to employees and a healthy, inclusive company culture that drives business outcomes,” she says.
