Welcoming a new child into the family can be thrilling, but it is also an event that requires new parents to take some time off of work. While there is no rule that states your company must provide paid time off for new parents, doing so could be advantageous to your bottom line.
Here are three ways that improving your parental leave benefits package could be beneficial for your company in the future.
1. You will attract more qualified employees.
The fight for qualified employees in today's job market can be tough. With many different corporations trying to woo a limited number of qualified executives, your company needs every advantage it can get to stand apart from the crowd.
Offering paid leave for the birth of a child can be the competitive edge that you need to persuade the most talented workers to accept positions within your company as opposed to taking jobs offered by your competitors.
2. You will retain qualified employees.
Once you have attracted the best and brightest to work for your company, you want to keep those employees happy. Not only do happy employees perform better, but they are more likely to remain with your company long-term.
Employee turnover is a costly problem for today's companies. Even an employee with minimal skill and education making $8 per hour will end up costing you $3,500 to replace. By offering paid leave for new parents, you give your employees a reason to avoid looking for employment elsewhere once their new child arrives.
3. You will foster a positive public image.
Corporate America is often portrayed in a negative light. If you don't want your company to be seen as a large entity that exploits your workers, then adding paid parental leave for the birth of a child to your benefits package could be beneficial.
Paid parental leave shows the general public that you value the happiness of your workers and that you recognize the importance of family. Fostering a positive public image could help you become more profitable in the future by attracting new customers and increasing sales numbers.
Making changes to your benefits package can be a difficult task, but adding paid parental leave for the birth of a child to your list of benefits can help your company in the long run. Paid parental leave will help you attract and keep qualified employees, and foster a more positive public image for your company in the future.
For more information on benefits plans and options, talk with insurance providers, such as Carolina First Associates, LLC.