HSBC has announced it will be implementing additional benefits for Canadian employees, allowing them access to new family-building opportunities including fertility treatment, gender affirmation, and surrogacy. HSBC has also increased coverage for fertility drugs, adoption benefits, and parental benefits as a part of this integration, which offers employees multiple options when considering having a child. This will not only allow consumers to feel protected and supported when thinking about starting a family, but it will also grant transgender employees access to gender-affirming surgeries and procedures that will substantially impact their lives.
"Not only are we doing the right thing by supporting our trans employees, this also makes good business sense as we look to attract a diverse spectrum of employees to HSBC," said HSBC’s Executive VP and Head of HR Kim Toews.
Family-Building Employee Benefits
HSBC Adds New Family-Building Opportunities for Employees
Trend Themes
1. Family-building Employee Benefits - More companies will offer fertility treatments, adoption benefits and parental leaves to their employees as a standard package benefits.
2. Gender-affirming Surgeries - Gender-affirming surgeries and procedures will be added as a standard employee benefit to support transgender employees, which will improve work culture and attract a diverse spectrum of employees.
3. Surrogacy and Fertility Tourism - Fertility treatment benefits will encourage the growth of surrogacy and fertility tourism industries, which can provide cost-effective, accessible options to build a family outside of insurance constraints.
Industry Implications
1. Human Resources - HR departments will need to incorporate family-building benefits into their company packages to retain and attract top talents.
2. Healthcare / Insurance - Increased adoption and use of fertility treatments will encourage healthcare and insurance industry to offer more support and coverage for such treatments.
3. Family-planning Services - The rise in employers offering fertility benefits will increase the demand for family-planning services, such as fertility clinics and surrogacy agencies.