The Benefits to Your Business of Offering Paid Family and Medical Leave
Companies commonly cite five benefits as reasons for and outcomes of PFML implementation:
- Improved retention of talented employees
- Enhanced ability to recruit talented individuals who are increasingly expecting this benefit
- Reinforcement and powerful demonstration of company values
- Improved employee engagement, morale, and productivity
- Strengthened employer and brand equity through external recognition of the policy
Five Potential Business Benefits of PFML
Providing employees with Paid Leave during pivotal times of change - either positive or negative - in their lives can result in significant benefits for employers.
Benefit I: TALENT RETENTION
Offering PFML can result in significantly improved retention of employees who might have otherwise left the organization due to competing parenting or medical demands. This not only increases talent in the organization but also reduces turnover costs.
Benefit II: TALENT ATTRACTION
Offering enhanced employee benefits, particularly PFML, can attract more talented individuals to apply to your company as well as make talented offerees more likely to accept your company's job offers.
Benefit III: REINFORCED COMPANY VALUES
Implementing a PFML policy signals your corporate values, both to employees and to the market. This creates goodwill among employees across diverse groups and can elevate your company's reputation and brand with the public.
Benefit IV: IMPROVED ENGAGEMENT, MORALE, & PRODUCTIVITY
Knowing their employer cares about them can inspire employees to go the extra mile at work, resulting in better productivity and business outcomes.
Benefit V: ENHANCED BRAND EQUITY
Recent announcements of new PFML policies have been met with significant positive press coverage that celebrates these companies. This suggests companies implementing PFML may receive external recognition and a resultant boost in reputation.
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