Financial Impact Maternity Leave
Offering extensive benefits to new moms has become the norm to attract and retain top female talent. Amongst these, help with childcare and a flexible work schedule seem to be the best practices for retaining female talent after maternity leave.
Help with childcare
- As per a poll by Care.com, the high cost of childcare is the main reason new moms have to leave their jobs.
- The rising cost of childcare is compelling some women to quit their jobs, especially when the childcare costs are higher than the benefits of working.
- Juggling between work and the role of a new mother can be very taxing for working moms, especially when there is some emergency at their childcare provider due to which the child is forced to stay at home.
- Support by the employer in such situations through onsite childcare facilities or backup care will help new moms significantly cover childcare costs. Thus, employer's support towards childcare can be considered a best practice as it counters the main reason why new moms may consider quitting their jobs in the first place.
- Tucows is an example of an organization that provides decent childcare support, since the company offers a flexible lifestyle spending account that covers the cost of childcare items, such as strollers, child care, spa days for some self-care, and baby circles.
- Another company with excellent childcare support is General Mills. They provide on-site childcare, on-site or near-site backup childcare centers, paid sick leave to care for a child or relative, offsite subsidized childcare, and childcare reimbursement during business travel.
Flexible work schedule
- A flexible work schedule is the most critical factor that women consider while returning to work besides generous maternity leave and higher pay.
- As per a poll by Care.com, the high cost of childcare, desire for more family time, and poor flexibility at work are the top reasons why new moms quit their job.
- Employers with poor work schedule flexibility risk losing female talent as some women would prefer quitting their jobs and developing their own business that suits their lifestyle. As a flexible work schedule counters one of the main reasons why new moms quit their jobs, we can consider it to be a best practice to retain female talent.
- KPMG is a company that provides excellent flexibility in work schedules to new moms as they offer flexible working hours, working-parent support networks and groups, and regular backup care for children. This goes a great way of creating a supportive space for parents returning to work.