Currently, the 20 largest U.S. employers invest in paid parental leave and more forward-thinking companies are integrating family-friendly policies into their workforce than ever before.
Why? To attract, retain and engage talent, especially from incoming generations.
Developing inclusive, gender-neutral policies available to both salaried and hourly employees can reflect organizational values and demonstrate commitment to equity and diversity — a characteristic highly prioritized by young professionals.
According to an Ernst & Young study, 86 percent of U.S. millennials say they are less likely to quit a job if parental leave is offered to both women and men.
Analysis of Ovia Health survey research showed that women with paid parental leave are more likely to return to work. Eighty-five percent of moms with six weeks of paid parental leave return to their employer — in comparison to just 56 percent of moms with less than six weeks.
When new parents feel supported by their employer, they are likely to return to work decreasing the need for interviewing, hiring and onboarding a new employee to fill their role within the company — a process that could cost a large employer time and money.
In addition to reducing turnover costs, companies can experience even more savings through tax credits, employee engagement, performance and morale.
In an Ernst & Young study, more than 70 percent of companies with paid family leave reported an increase in productivity, and according to a Center for Economic and Policy Research report, 99 percent of employers reported that paid family leave boosted employee morale.
Not only can paid parental leave pay for itself, but its benefits extend beyond employee well-being and business outcomes. The positive influence more time at home has on the health of children and their parents leads to healthier communities.
Large employers play a critical leadership role in our society by supporting parents and providing paid leave for the greater good. How are you supporting parents at your organization?
If you’re an NBGH member — Download the Parent Package to see how your benefits compare to other organizations.
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Not an NBGH member? Contact NBGH to learn more about membership and the resources available through member benefits, including the Parent Package.