Working moms know the "juggle struggle" all too well, as they aim to be the best parents and employees possible. Today there are more of them than ever: The Hamilton Project at the Brookings Institution found that more than 70% of women with a child under age 5 are part of the workforce.1
That means you're in good company if you're a working mom. What you might not realize is the vast array of benefits that may be available to maximize your support system and provide peace of mind. It's also important to keep in mind that benefits are a crucial aspect of your overall compensation, making up 38% of your package, says the U.S. Bureau of Labor Statistics.2
Take a minute to ensure you aren't overlooking a key component of your overall pay—and your lifestyle puzzle. Here are eight benefits your employer may offer that working moms should leverage today to help lighten the considerable load.
1. Healthcare
This is one of the most valuable benefits employers can offer. According to KFF's 25th Employer Health Benefits Survey, the average annual premium for employer-sponsored health insurance in 2023 was $23,968 for family coverage, with employers covering the bulk of that premium. But despite this generous coverage, the survey found that one-quarter of eligible workers fail to access these benefits.3
If your partner also has coverage through their work, run the numbers and determine which is the best fit for your family. Once you've opted into a plan, make sure you're making the most of your policy by seeing in-network providers whenever possible. Also look into additional coverage your employer might offer, including mental health benefits, preventive dental care, vision coverage and tax-free contributions to health savings accounts, all of which combined can save you thousands of dollars per year.
2. Life Insurance
It can be tempting to forgo life insurance, especially in families where one partner has downshifted their career to assume more of the caregiving or domestic activities. Yet if the unthinkable were to happen, life insurance helps provide financial security by replacing lost income, while defraying the cost of hiring someone to ferry kids, run errands, provide meals and all the other tasks that make a home run smoothly.
Many workplaces offer affordable coverage, which you may choose to supplement with a term policy tailored to your needs at different life stages. Use the Human Life Value Calculator to determine just how much you're contributing to the household's financial picture—an exercise that can help you determine how much life insurance you need to protect your family.
3. Disability Insurance
Think disability insurance isn't for you because you're young and healthy? You might be surprised to hear that about one in four people who are 20 years old today will become disabled before reaching retirement age, says the Social Security Administration. And yet, 65% of the private sector workforce has no long-term disability insurance.4
When you tally up the many tasks working women handle every day, it magnifies the importance of having a safety net that would help fill the gaps if you lost mobility. Check to see if your employer offers disability coverage (short-term and long-term) as part of your benefit package, and consider opting in to provide financial peace of mind and paycheck protection for you and your family.
4. Childcare Coverage
This might be what working moms are most interested in, as childcare costs soar—a Care.com study found that in 2023, parents spent an average of 27% of their household income on childcare, up from 24% in 2022.5 Even locating reputable care is tricky: In the BabyCenter's 2023 State of Childcare in the U.S. Study, 64% of mothers said they're stressed about finding available childcare in their area.6
To retain their best female employees who have little ones, many employers are augmenting benefit menus with subsidized care services that pay a portion of childcare costs. They also might offer on-site daycare, caregiver matching and/or backup babysitting services for moms who are ill or have other conflicts.
These benefits are likely to become more mainstream as the upside becomes clear. For example, when UPS began offering an emergency childcare initiative, 80% of eligible employees participated, reducing unplanned absences and stemming employee turnover, which plunged from 31% to a mere 4% in the pilot group.7
5. Maternity and Paternity Leave
Paid time off after a child's birth can help you and your partner get to know your baby and postpone daycare a little longer. Check to see if your company offers maternity leave, paternity leave or both. Paid leave for adopting and fostering children is also on the rise.8
If you don't have a program readily available, there are other options. Several states have passed paid family and medical leave laws,9 and the federal Family and Medical Leave Act (FMLA) requires employers of a certain size to hold your job for up to 12 weeks if you opt for unpaid time off.10
Regardless of what's out there for you, socking away money in a high yield savings account or money market account can help you prepare for the financial impact. (Sorry, no preparation available for the sleepless nights!)
READ MORE: The High Cost of Family Leave: Prepare Beforehand
6. Retirement Savings
As “defined benefit" plans such as 401(k)s become more prevalent, the burden of saving for retirement falls on employees. However, even though nearly three-quarters of workers had access to retirement benefits, only 56% participated, according to the U.S. Bureau of Labor Statistics.11 That may be changing soon, thanks to the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act, which offers new ways to save.
If you're offered a retirement plan, you may want to verify with your HR department that you're enrolled, and then consider saving at least up to the “company match." Helping employees approach retirement with confidence has employer buy-in, with 78% saying it's important to help ensure employees are financially able to retire, finds MetLife's 2023 Employee Benefit Trends Study.12
7. Flexible Schedules
If we can thank the pandemic for one thing, it could be the realization that many workers are just as productive—if not more productive—working hybrid or flexible schedules.
While some companies are encouraging a return to the office, many teams offer a variety of flexible alternatives to accommodate different needs. Talk to your manager about a schedule that works for you, such as choosing two or three weekly in-person days when the majority of your team gathers so you can collaborate while minimizing your commute. If you have some autonomy over your hours, you might prefer to begin working after school drop-off or take a late afternoon break to oversee homework and activities, while time-shifting your hours to complete solo projects after your kids drift off to sleep or before they awake.
8. Workplace Mentoring and Support
Robust support programs serve as a potent motivation and retention tool while strengthening a company's workforce. That's why many organizations prioritize development programs through one-on-one or group mentorship opportunities. Your company might also have an employee resource group specifically attuned to pregnant people or working parents, where you can share resources and develop camaraderie with colleagues who can empathize.
Reach out to your HR department or women in senior roles at your company to see if there's a formal or informal mentoring program or other relevant group to join.
How Family-Friendly Workplace Policies Benefit Everyone
Is all this balancing worth it? Most families will say yes. Work allows you to be personally fulfilled and contribute to the family finances. You also can model success and autonomy to your kids, while making them less conscious of classic gender roles.
For their part, companies realize the advantages of helping women excel on their career track in the form of increased engagement, motivation and loyalty, along with reduced absenteeism. That might mean a more robust benefits menu in your future.
Synchrony employee benefits, for example, are focused on an inclusive and supportive employee experience.
Juggling work obligations and parenthood can be a difficult balancing act under the best of circumstances, so taking advantage of any helping hands from your employer can ease the journey.
Cathie Ericson is an Oregon-based freelance writer who covers personal finance, real estate and education, among other topics. Her work has appeared in a wide range of publications and websites, including U.S. News & World Report, MSN, Business Insider, Yahoo Finance, MarketWatch, Fast Company, Realtor.com and more.
LEARN MORE: Read about Synchrony employee benefits, such as how the brand supports working parents, by visiting Life at Synchrony.
Sources/references
1. Lauren Bauer and Sarah Yu Wang. Prime-Age Women Are Going Above and Beyond in the Labor Market Recovery. The Hamilton Project. August 30, 2023.
2. Employer Costs for Employee Compensation Summary. U.S. Bureau of Labor Statistics. December 15, 2023.
3. 2023 Employer Health Benefits Survey. KFF. October 18, 2023.
4. Social Security Basic Facts. Social Security Administration. 2023.
5. New Care.com Report Reveals Soaring Childcare Costs Are Crippling Majority of American Families. Care.com. June 13, 2023.
6. Kaitlin Menza. As 'childcare cliff' looms, 6-month waitlists and $17K annual fees are already the norm. BabyCenter. September 20, 2023.
7. Emilie Shumway. UPS expands emergency day care after pilot program cuts turnover. HR Dive. October 19, 2023.
8. Kathryn Mayer. Access to Paid Family Leave Climbed in 2023. SHRM. September 21, 2023.
9. Molly Weston Williamson. The State of Paid Family and Medical Leave in the U.S. in 2023. Center for American Progress. January 5, 2023.
10. Fact Sheet #28: The Family and Medical Leave Act. U.S. Department of Labor. February 2023.
11. 73 percent of civilian workers had access to retirement benefits in 2023. U.S. Bureau of Labor Statistics. September 29, 2023.
12. Growing Financial Concerns in a Changing Economy. MetLife. May 24, 2023.
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