Voya Financial has released new thought leadership emphasizing the important role employers play in strengthening employees' financial protection through workplace benefits. The company's latest white paper examines how Paid Family & Medical Leave (PFML) programs and employer-sponsored Short-Term Disability (STD) insurance complement one another, helping workers maintain income security during life events while supporting broader financial wellbeing.
According to Voya's white paper, state-sponsored Paid Family & Medical Leave programs have expanded employee access to paid leave, but they do not eliminate the need for employer-sponsored disability insurance. While PFML provides benefits for qualifying family and medical events, Short-Term Disability coverage protects employees experiencing personal illnesses or injuries that may fall outside state leave programs. Employers can therefore strengthen workforce financial resilience by offering both benefits together.
The report explains that disability insurance continues to serve as a critical source of income replacement during periods when employees cannot work because of their own medical conditions. Rather than viewing PFML and disability insurance as competing solutions, Voya recommends employers develop coordinated benefit strategies that help employees navigate different types of leave while minimizing financial disruption.
Beyond regulatory compliance, Voya notes that comprehensive financial protection programs contribute to employee wellbeing, retention, and organizational resilience. As workplace expectations continue to evolve, employers have an opportunity to provide benefits that address both immediate income needs and long-term financial security, creating a more supportive employee experience.
The evolving paid leave landscape requires employers to evaluate how state programs interact with existing workplace benefits. By integrating PFML with employer-sponsored disability coverage and employee education, organizations can simplify leave planning while improving financial outcomes for workers facing unexpected health or family events. "Paid Family & Medical Leave programs are changing the benefits landscape, but they are not a replacement for employer-sponsored Short-Term Disability coverage. Employers have an important opportunity to provide more comprehensive financial protection by integrating both solutions." said Maleiha Russell, VP, Life and Disability, Voya Financial
As employee expectations around workplace benefits continue to evolve, Voya's research reinforces the importance of building comprehensive financial protection strategies that extend beyond regulatory requirements. Employers that align paid leave programs with disability insurance can better support employee wellbeing while strengthening workforce resilience and long-term financial security.
Voya Financial, Inc. (NYSE: VOYA) is a leading retirement, employee benefits and investment management company. Voya’s services and solutions help clear the path to financial confidence and a more fulfilling life for individual, workplace and institutional clients, supporting more than 18 million customer relationships. Certified as a “Great Place to Work” by the Great Place to Work® Institute, Voya fosters a culture that values customer centricity, integrity, accountability, agility and inclusivity. Together with customers and partners, Voya employees fight for everyone's opportunity for a better financial future. For more information visit voya.com and follow Voya Financial on LinkedIn, Facebook and Instagram.
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