{"id":4562,"date":"2023-09-08T11:52:40","date_gmt":"2023-09-08T11:52:40","guid":{"rendered":"https:\/\/www.theoaktree.us\/?p=4562"},"modified":"2023-09-08T12:31:52","modified_gmt":"2023-09-08T12:31:52","slug":"why-paid-family-leave-is-good-business","status":"publish","type":"post","link":"https:\/\/www.theoaktree.us\/?p=4562","title":{"rendered":"Why Paid Family Leave Is Good Business"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"4562\" class=\"elementor elementor-4562\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-b93d25f e-flex e-con-boxed e-con e-parent\" data-id=\"b93d25f\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-32469d4 elementor-widget elementor-widget-heading\" data-id=\"32469d4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">\nWhy Paid Family Leave Is Good Business<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-85c70d2 e-flex e-con-boxed e-con e-parent\" data-id=\"85c70d2\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-6441a76 elementor-widget elementor-widget-text-editor\" data-id=\"6441a76\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><time class=\"date\" datetime=\"2021-01-08T16:56:15.159Z\">FEBRUARY 07, 2017\u00a0<\/time>By\u00a0<a class=\"author\" href=\"https:\/\/www.bcg.com\/about\/people\/experts\/trish-stroman\" data-path=\"trish-stroman\" data-deep=\"true\">Trish Stroman<\/a>,\u00a0<a class=\"author\" href=\"https:\/\/www.bcg.com\/about\/people\/experts\/wendy-woods\" data-path=\"wendy-woods\" data-deep=\"true\">Wendy Woods<\/a>,\u00a0<span class=\"author\">Gabrielle Fitzgerald<\/span>,\u00a0<a class=\"author\" href=\"https:\/\/www.bcg.com\/about\/people\/experts\/shalini-unnikrishnan\" data-path=\"shalini-unnikrishnan\" data-deep=\"true\">Shalini Unnikrishnan<\/a>, and\u00a0<span class=\"author\">Liz Bird<\/span><\/p><p><span class=\"author\">Download the full article <a href=\"http:\/\/media-publications.bcg.com\/BCG-Why-Paid-Family-Leave-Is-Good-Business-Feb-2017-Revised.pdf\">here &gt;&gt;<\/a><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-404a7fb e-flex e-con-boxed e-con e-parent\" data-id=\"404a7fb\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-bf3cebb elementor-widget elementor-widget-text-editor\" data-id=\"bf3cebb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h5><b>The Changing Dynamics of Paid Family Leave<\/b><\/h5>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-da2303c e-flex e-con-boxed e-con e-parent\" data-id=\"da2303c\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-80e162a elementor-widget elementor-widget-text-editor\" data-id=\"80e162a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The US is one of just eight countries\u2014and the only member of the Organisation for Economic Co-operation and Development\u2014with no national policy mandating paid maternity leave for workers.<\/p><p>In the rest of the country, the only related benefit is provided by the Family and <a href=\"https:\/\/www.healthcare.gov\/glossary\/family-and-medical-leave-act-fmla\/\">Medical Leave Act<\/a>, which ensures 12 weeks of job protection\u2014but not pay.<\/p><p>Absent a federal paid family leave policy, it is primarily employers that determine whether employees have access to paid time off to care for a new child or an ill family member. The result: only 14% of the US workforce has access to employer-sponsored paid family leave.\u00a0<\/p><p><b>Updated data from 2023:<\/b><\/p><p>According to the <a href=\"https:\/\/www.bls.gov\/\">Bureau of Labor Statistics<\/a>, as of 2023, only about 24% of employees in the private sector workforce have access to paid family leave. This means that 76% of private sector employees do not have access to paid family leave.<\/p><p><b>Access to paid family leave is even lower for certain groups of workers, such as:<\/b><\/p><ul><li>Part-time workers (12%)<\/li><li>Workers in low-wage industries (15%)<\/li><li>Workers of color (18%)<\/li><li>Workers with less education (17%)<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-57e60ee e-flex e-con-boxed e-con e-parent\" data-id=\"57e60ee\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-1b9fc26 elementor-widget elementor-widget-heading\" data-id=\"1b9fc26\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">Demand Is Increasing<\/h5>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-c44ca27 e-flex e-con-boxed e-con e-parent\" data-id=\"c44ca27\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-75d8fa4 elementor-widget elementor-widget-text-editor\" data-id=\"75d8fa4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Three shifts have caused an uptick in demand for paid family leave policies. First, far fewer families have a stay-at-home parent who can care for a newborn or newly adopted child or an ill family member. Second, the increasing participation of women in the workforce has contributed to changes in caregiving and particularly in parenting, with men taking a more hands-on role. Third, an increasing portion of the workforce is helping to care for aging parents\u2014a trend that is only expected to intensify.<\/p><p>The bottom line: there are fewer households with full-time caregivers, both parents are increasingly involved in caring for their children, and the burden of caregiving overall is growing.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-cfaf891 e-flex e-con-boxed e-con e-parent\" data-id=\"cfaf891\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-0a9a863 elementor-widget elementor-widget-heading\" data-id=\"0a9a863\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">Diverse Industries Are Responding\n\n<\/h5>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-c890869 e-flex e-con-boxed e-con e-parent\" data-id=\"c890869\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-7cf3f70 elementor-widget elementor-widget-text-editor\" data-id=\"7cf3f70\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The movement to offer or expand paid family leave began in industries such as technology, financial services, and professional services, where competition for small pools of talent, and hence salaries, are both high. For example, according to data from the <a href=\"https:\/\/www.bls.gov\/\">Bureau of Labor Statistics,<\/a> paid family leave coverage in finance, insurance, and information, as well as in professional, scientific, and technical services, grew by more than 10 percentage points from 2010 to 2016. While coverage is still low even in these sectors\u2014no more than 40% in 2016\u2014the percentage of workers able to take advantage of such policies is significantly higher than in other industries.\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-5f4b6e0 e-flex e-con-boxed e-con e-parent\" data-id=\"5f4b6e0\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-2cc2c8d elementor-widget elementor-widget-image\" data-id=\"2cc2c8d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"768\" height=\"607\" src=\"https:\/\/www.theoaktree.us\/wp-content\/uploads\/2023\/09\/Fam-leave-768x607.jpg\" class=\"attachment-medium_large size-medium_large wp-image-4566\" alt=\"\" srcset=\"https:\/\/www.theoaktree.us\/wp-content\/uploads\/2023\/09\/Fam-leave-768x607.jpg 768w, https:\/\/www.theoaktree.us\/wp-content\/uploads\/2023\/09\/Fam-leave-300x237.jpg 300w, https:\/\/www.theoaktree.us\/wp-content\/uploads\/2023\/09\/Fam-leave-1024x809.jpg 1024w, https:\/\/www.theoaktree.us\/wp-content\/uploads\/2023\/09\/Fam-leave.jpg 1494w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-265e147 e-flex e-con-boxed e-con e-parent\" data-id=\"265e147\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-0009079 elementor-widget elementor-widget-heading\" data-id=\"0009079\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">The Business Case for Paid Family Leave<\/h5>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-f0d8582 e-flex e-con-boxed e-con e-parent\" data-id=\"f0d8582\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-9685b03 elementor-widget elementor-widget-text-editor\" data-id=\"9685b03\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"color: #222222; font-family: henderson-bcg-serif, 'Palatino Linotype', Palatino, Garamond, Georgia, serif; font-size: 20px;\">While it&#8217;s not a surprise that paid family leave is good for workers, we found that these policies deliver significant business rewards as well:<\/span><\/p><ul><li>\u00a0<\/li><li style=\"margin: 0px 0px 13.5px; padding: 0px 0px 0px 50px; border: 0px; outline: 0px; font-size: 20px; vertical-align: baseline; background: transparent; position: relative;\"><b style=\"margin: 0px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; background: transparent;\">Employee Retention.<\/b>\u00a0Talent retention is one of the primary reasons cited by employers to provide paid family leave. According to one study, women who take paid leave are 93% more likely to be in the workforce 9 to 12 months after a child&#8217;s birth than women who take no leave.<sup style=\"margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: 0.75em; background: transparent;\">\u00a0<a class=\"annotation annotation-link\" style=\"background: transparent; margin: 0px; padding: 0px; vertical-align: baseline; cursor: pointer; color: #32c77f; font-family: henderson-bcg-sans, 'Helvetica Neue', Helvetica, Arial, sans-serif;\" data-annotation=\"1_00000173-4fd6-d92c-a17f-eff703850000\">1<span style=\"margin: 0px 0px 0px 1px; padding: 0px; border: 0px; outline: 0px; font-size: 0.75em; vertical-align: top; background: transparent; position: relative; top: -5px;\">1<\/span>\u00a0<\/a><\/sup>And paid leave makes it more likely that women will return to work for the same employer. When Google, for example, increased its paid maternity leave program from 12 to 18 weeks, the rate of female turnover after maternity leave was reduced by 50%. Studies show that these retention benefits hold for low-wage workers as well.<\/li><li style=\"margin: 0px 0px 13.5px; padding: 0px 0px 0px 50px; border: 0px; outline: 0px; font-size: 20px; vertical-align: baseline; background: transparent; position: relative;\"><b style=\"margin: 0px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; background: transparent;\">Talent Attraction.<\/b>\u00a0As demand grows for paid family leave, it&#8217;s not surprising that such policies are an increasingly popular differentiator for companies. Indeed, in a 2016 survey by Deloitte, 77% of workers with access to benefits reported that the amount of paid parental leave had some influence on their choice of one employer over another.<sup style=\"margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: 0.75em; background: transparent;\"><a class=\"Link\" style=\"background: transparent; margin: 0px; padding: 0px; vertical-align: baseline; cursor: pointer; color: #3fad93;\" href=\"https:\/\/www.prnewswire.com\/news-releases\/deloitte-survey-less-than-half-of-people-surveyed-feel-their-organization-helps-men-feel-comfortable-taking-parental-leave-300284822.html\" target=\"_blank\" rel=\"noopener\" data-path=\"deloitte-survey-less-than-half-of-people-surveyed-feel-their-organization-helps-men-feel-comfortable-taking-parental-leave-300284822\">2<\/a><\/sup>\u00a0And as more and more employers provide paid family leave, they create pressure on others to do the same.<\/li><li style=\"margin: 0px 0px 13.5px; padding: 0px 0px 0px 50px; border: 0px; outline: 0px; font-size: 20px; vertical-align: baseline; background: transparent; position: relative;\"><b style=\"margin: 0px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; background: transparent;\">Reinforced Company Values.<\/b>\u00a0For many companies, expanding paid family leave is driven by a set of values and a desire to reinforce them throughout the organization. Paid family leave can, for example, signal a company&#8217;s commitment to its employees. Further, it can enable a company to show its support for diversity and equality through policies that are gender neutral, that provide leave to care for sick family members, and that cover same-sex couples, adoption, surrogacy, or foster care.<\/li><li style=\"margin: 0px 0px 13.5px; padding: 0px 0px 0px 50px; border: 0px; outline: 0px; font-size: 20px; vertical-align: baseline; background: transparent; position: relative;\"><b style=\"margin: 0px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; background: transparent;\">Improved Engagement, Morale, and Productivity.<\/b>\u00a0The companies we studied emphasized that providing paid family leave translates into better employee engagement, morale, and productivity. A 2016 EY study\u00a0of more than 1,500 employers backs this up, finding that more than 80% of companies that offer paid family leave reported a positive impact on employee morale, and more than 70% reported an increase in employee productivity.\u00a0<a class=\"annotation annotation-link\" style=\"background: transparent; margin: 0px; padding: 0px; vertical-align: baseline; cursor: pointer; color: inherit;\" data-annotation=\"3_00000173-4fd6-d92c-a17f-eff703880000\"><span style=\"margin: 0px 0px 0px 1px; padding: 0px; border: 0px; outline: 0px; font-size: 0.75em; vertical-align: top; background: transparent; color: #32c77f; font-family: henderson-bcg-sans, 'Helvetica Neue', Helvetica, Arial, sans-serif; position: relative; top: -5px;\">3<\/span><\/a><\/li><li style=\"margin: 0px 0px 13.5px; padding: 0px 0px 0px 50px; border: 0px; outline: none; font-size: 20px; vertical-align: baseline; background: transparent; position: relative;\"><b style=\"margin: 0px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; background: transparent;\">Enhanced Brand Equity.<\/b>\u00a0Improving paid leave often throws the media spotlight on a company. The day after IKEA enhanced its policy, it saw coverage in such outlets as the\u00a0<i style=\"margin: 0px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; background: transparent;\">Wall Street Journal<\/i>,\u00a0<i style=\"margin: 0px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; background: transparent;\">Fortune<\/i>,\u00a0<i style=\"margin: 0px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; background: transparent;\">Forbes<\/i>, and the\u00a0<i style=\"margin: 0px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; background: transparent;\">Washington Post<\/i>, among many others. Other companies, including Hilton, likewise received significant media attention after announcing a paid family leave policy, coverage that continued well after the initial announcement. Notably, both Hilton and IKEA announced something that was new for their industries, suggesting that there is a halo effect for those that take an early position on this issue or design their policies in an innovative way.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-f8ceffe e-flex e-con-boxed e-con e-parent\" data-id=\"f8ceffe\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-10c7e28 elementor-widget elementor-widget-heading\" data-id=\"10c7e28\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">The Tradeoff Between Costs and Benefits<\/h5>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-a897b72 e-flex e-con-boxed e-con e-parent\" data-id=\"a897b72\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-ff90c2f elementor-widget elementor-widget-text-editor\" data-id=\"ff90c2f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>In EY&#8217;s study, companies without a paid family leave policy cited cost as their principal concern in adopting one. So what do companies that have implemented such policies say?<\/p><p>First, companies report that the rewards outweigh the costs, particularly compared with those of other benefits they could provide. Given the difficulty of quantifying the benefits of a paid family leave policy, few of the companies we studied relied on a pure economic calculation when making their decision. That said, empirical evidence does suggest that among companies that have implemented such policies, paid family leave has generally helped or had no effect on their bottom line. In EY&#8217;s study, for example, 92% of companies with a paid family leave policy reported that it had a positive effect or no effect on profitability. At the same time, the retention benefits of paid family leave can offset its costs. Those costs vary widely by industry, but a 2012 review found that replacing an employee typically costs around 21% of his or her salary.\u00a0<a class=\"annotation annotation-link\" data-annotation=\"4_00000173-4fd6-d92c-a17f-eff703890000\"><sup>4<\/sup><\/a><\/p><p>Second, companies with paid family leave policies have been able to manage the costs of their programs through thoughtful design. Many of the company HR leaders we spoke with\u2014and particularly those outside of the technology, professional services, and financial services industries\u2014stressed that they focused on a few key requirements, such as covering their entire workforce or making the policy available to all types of families, including adoptive parents or same-sex couples. They then adjusted the number of weeks, the level of wage replacement, or the flexibility of the policy to fit their business. In this way, they designed policies that met their business context as well as their workforce needs.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-74d5be6 e-flex e-con-boxed e-con e-parent\" data-id=\"74d5be6\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-c14d642 elementor-widget elementor-widget-heading\" data-id=\"c14d642\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">Lessons from the Leaders<\/h5>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-bca5805 e-flex e-con-boxed e-con e-parent\" data-id=\"bca5805\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-eacbe91 elementor-widget elementor-widget-text-editor\" data-id=\"eacbe91\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Deciding to offer paid family leave is only the first step. The company then has to design the program, ensure a successful implementation, and track outcomes such as usage rates, costs, and benefits. Our research suggests that there are five main imperatives in designing a paid family leave policy:<\/p><ul><li><b>Reflect the company&#8217;s values.<\/b>\u00a0The design of a paid family leave program\u2014especially its inclusiveness\u2014says a lot about what a company stands for. Companies must first determine how the policy will distinguish\u2014if at all\u2014among parents. For example, will male and female or same-sex couples have the same coverage? Then they must decide which categories of employees, such as part-time or hourly workers, will be covered. Finally, which caregiving needs will be covered? While many companies are still offering only parental leave, some have expanded coverage to include paid leave to care for an ill family member.<\/li><\/ul><ul><li><b>Remember that weeks off are not the only value driver.<\/b>\u00a0Of the more than 60 companies we reviewed that have changed their paid family leave policies in the last two years, most are offering more time off. That said, duration is only one source of value. A policy that gives employees flexibility in when they take their leave, for example, may be of greater value than a more rigid policy that offers a longer leave. Flexibility may mean allowing employees to take nonconsecutive weeks off, or providing either full pay for a certain number of weeks or half-pay for a period twice as long.<\/li><\/ul><ul><li><b>Set an example at the top.<\/b>\u00a0Even the best-designed policy will not have an impact if employees don&#8217;t feel comfortable taking advantage of it. This may be a particular risk with paternity and caregiver leave, which are less likely than maternity leave to be widely accepted in the workplace. Strong signals\u2014such as ensuring that those in leadership positions take time off when they need it\u2014can make a difference.<\/li><li><b>Develop support systems.<\/b>\u00a0Employee absences can be disruptive\u2014both for those going on leave and for those covering for them\u2014if not handled appropriately. There are several ways to address this challenge, such as creating smooth off and on ramps for workers about to take leave or returning to work. Companies should also consider how to support managers and those covering for employees on leave. Support systems can include a checklist outlining what managers need to do when an employee goes on leave or regular communications between HR and the covering employees.<\/li><li><b>Choose metrics to measure success.<\/b>\u00a0Numerous metrics related to paid family leave can be collected, but we recommend a short list that can be used to quickly assess a program. This includes statistics on who is taking paid time off and for how long, as well as temporary labor replacement costs, data on benefits such as retention rates for employees who have taken leave, and survey data on employee perceptions of the program.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-aeb3db9 e-flex e-con-boxed e-con e-parent\" data-id=\"aeb3db9\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-d375728 elementor-share-buttons--view-icon-text elementor-share-buttons--skin-gradient elementor-share-buttons--shape-square elementor-grid-0 elementor-share-buttons--color-official elementor-widget elementor-widget-share-buttons\" data-id=\"d375728\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"share-buttons.default\">\n\t\t\t\t<div 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24-24s24 10.74 24 24c0 13.25-10.75 24-24 24z\"><\/path><\/svg>\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"elementor-share-btn__text\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-share-btn__title\">\n\t\t\t\t\t\t\t\t\t\tPrint\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Why Paid Family Leave Is Good Business  &#8211; The Oaktree relies on this part of the science in our benefit policy.<\/p>\n","protected":false},"author":1,"featured_media":4563,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","content-type":"","_uag_custom_page_level_css":"","footnotes":""},"categories":[92,91,137,1],"tags":[98,94,97,95,93,96,27,26],"class_list":["post-4562","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-parents","category-staff","category-the-oaktree","category-uncategorized","tag-benefits","tag-family","tag-good-business","tag-kids","tag-parental-leave","tag-parents","tag-science","tag-south-carolina"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Why Paid Family Leave Is Good Business - The Oaktree<\/title>\n<meta name=\"description\" content=\"Why Paid Family Leave Is Good Business - The Oaktree relies on this part of the science in our benefit policy.\" 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