It’s common sense that an organization is only as good as the people it employs. At Genius Plaza we embrace this idea, and encourage the growth, security, and success of each teammate. We call ourselves a family and a social enterprise, and in order to do so, we aim to build business practices that support our family members.
A major factor we’ve found missing in modern benefits packages is paid leave for new parents. It may shock you to see the real statistics: just 14% of the US workforce is offered employer-sponsored paid maternity leave.
What are the thought factors behind this? Why do employers seem so hesitant about paying employees when they or their spouse have given birth? Thanks to research by Boston Consulting Group, we can shoot down the major misconception: profit.
In fact, of companies that offer paid parental leave, 92% said they were able to increase or maintain profit levels under the new policies!
How does this work, when you are losing an employee and paying them to stay home? It’s simple, really – it costs more to replace your teammates than it does to show your current ones that you care about them.
When employers increase parental leave, the affected teammates are far more likely to come back to work, and be happier at work. Morale increases when your company treats its constituents as a family, and not as chess pieces.
Not only retention, but attraction – 77% of job seekers and workers said the company’s parental leave policies affect their choice on whether to work there!
This trend has increased slightly in the past decade; from 2010 to the present, we’ve gone from 11% to 14% of United States employees covered by these plans. It’s hard to fathom why so few companies seem to realize the benefit of offering great benefits!
We hope that Genius Plaza’s fully paid time off policies can be an inspiration to other organizations. At the least, we hope prospective job seekers will recognize what a family-oriented social enterprise looks like, and to ask themselves what is important when considering a new opportunity.