Paid Family Leave: Good for Employees, Great for Companies
Leaders in the ad tech space are constantly searching for a win-win-win innovation—something that’s great for clients, employers, and employees alike. Many tech companies turn to their engineers to make these wide-scale improvements. However, recent data shows that innovating within a company’s employee benefits package is an easy way to bring large-scale, positive change to an organization and its stakeholders.
According to Forbes, the workplace policy employees value above all else is paid family leave. Employees want the option to start a family (without breaking the bank) more than student loan reimbursement, paid time off, or lunch stipends.
Centro agency lead and new Mom, Kristina Boyer, is a perfect example of the type of talent a great parental leave policy can attract. When asked whether Centro’s 16-week paid leave policy contributed to her decision to work here, Kristina stated, “It actually very much did. Knowing that Centro has such an amazing maternity leave policy was a big reason why I came, because it fit into the larger family plan that we had.”
Once she got to experience maternal leave at Centro, Kristina reported, “The fourth month was hands-down the most enjoyable, and the most relaxing—it was pretty magical.”
Not surprisingly, data shows that offering paid family leave to both women and men improves a laundry list of employer headaches—employee retention, productivity, morale, and loyalty all included. If you think these issues are trivial, think again: Finding and maintaining talent was listed as one of the top challenges facing a majority of tech companies in 2019.
Even more, we’ve all heard the statistic about how millennial workers are expected to job hop up to 20 times in their career. That means that finding and maintaining talent is more expensive than ever! Turnover is estimated at 50% of salary for an entry-level position, 125% of salary for a mid-level position, and for senior executives, rates can rise upwards of 200%.
Since there isn’t a federal law in the U.S. that mandates paid leave, some companies miss out on top talent by offering little, if any, relief for parents. Kristina shared that a previous company she worked for had only offered two weeks to a Mom who requested leave.
In addition to the leave itself, Centro offers a free membership to Sittercity and counseling sessions for the transition into and out of leave. Employees interested in adoption can submit an application for adoption assistance—and Centro offers four weeks flexible paid leave for Dads as well.
Matt Klaers, Centro’s director of financial reporting, agrees that Centro’s attitude towards new parents is extraordinary. Having returned from his leave in March of this year, he encourages all Centro Dads to take the full 4 weeks: “Having eight hours, 10 hours a day to just stare at your baby is so great. They change so fast.”
Paul Troia, Centro’s director of analytical operations, took advantage of the flexibility of Centro’s parental leave: “I really liked the ability to break [the four weeks] out into different pieces.” Paul was able to split up his four weeks of leave throughout the first year of his baby’s life, so that he could be there when it counted most.
Of course, for some companies, it simply isn’t possible to offer this many weeks of paid leave. But leave isn’t the only benefit a company can provide to show its new mothers and fathers that it has their back. For instance, Claire Keating, director of client development at Centro, emphasized the impact Centro’s Nursing Mothers Room has had on her life:
“All of my friends have asked, ‘How are you still nursing at 10 months?’ Honestly, I think it’s because of Centro. The Mothers Room is such an easy place to take a 15-minute break and pump in. Being a nursing mother, I feel so supported here at Centro.”
Ultimately, it isn’t just about the benefits package a company offers parents. Rather, it’s about parents feeling supported and cared for in and out of the office. Employees who feel cared for experience less stress and perform better for clients and employers. As Matt said, “Just knowing that Centro is behind you is such a stress reliever.”
Learn more about Centro’s unique culture and benefit offerings here!