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Inside This Edition
1. 2.
The Power of the Right People
The Money-Saving Methods Most Entrepreneurs Overlook
How Entrepreneurs Digitally Detox
3.
Why Do Businesspeople Wear Ties?
Have a Laugh
4.
Use Paid Family Leave to Attract Top Talent
Are You Using This ‘Secret’ Recruitment Tool? How Paid Family Leave Attracts Top Talent
In the United States, new mothers aren’t entitled to any paid family leave. This makes the U.S. the only major economy in the world without a federal family leave program. Despite this, a 2016 study by Pew Research Center showed that 82% of Americans say mothers should receive paid parental leave and 69% say fathers should receive paid leave as well. According to Time magazine, paid family leave is gaining bipartisan support, and large human resources consulting firms, like Mercer, argue that offering this benefit will actually help companies attract and retain desirable employees. Paid family leave encourages parents, usually mothers, to return to work after a brief absence instead of completely exiting the workforce. With the average cost of hiring and training a new employee being $4,000, offering paid family leave may be as cost- effective for your business as bringing on a new hire. Indeed, many companies are already rolling out generous family leave policies. At Microsoft, new mothers enjoy a whopping five months of paid leave, and new fathers, adoptive parents, and foster parents get three months of paid leave. Furthermore, Microsoft only works with suppliers and vendors who offer a minimum of 12 weeks of parental leave.
Microsoft is not the only technology giant using their leave policies as an employee recruitment tool. At Netflix, workers get an entire year of paid time off with full benefits. Plus, other companies in myriad industries now offer plentiful family leave as part of their employee recruitment strategies. Professional services conglomerate Deloitte doesn’t stop there. According to its website, “It’s not just having programs in place that is important. There needs to be a workplace culture to support it, too.” Of course, not everyone agrees about the best way to provide paid family leave, but one thing is certain: As competition in the labor market grows, paid family leave will continue to be an increasingly valuable recruitment tool.
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