Having a paid family leave policy reinforces an organization's commitment to a family-friendly culture. More importantly, there is more competition these days for talent and with more millennials entering the workforce they are seeking family-friendly policies that will allow them to have more work/life balance.
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Perhaps the most notable change in this movement toward self-funding is the number of smaller employers getting in the game. Although most of these are level-funded arrangements, employers see the value in gaining control of their plan with a focus on what’s important to their specific employee base. Plus, the tax advantage isn’t bad either, as state taxes are eliminated on most self-insured plans.
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Research has shown that employee engagement is clearly linked to an employee's well-being, so it makes sense that companies are focusing on wellness initiatives. But a person's well-being is impacted by much more than their physical health. What about mental and emotional health? Many employees experience near-constant stress because of financial, medical and legal issues that can eat away at their overall well-being and even cause physical issues like high blood pressure, heart disease and stroke.
Read MoreInsurance packages are beginning to cover technologically advanced family benefits, like surrogacy, egg freezing, and more.
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