Top 3 Employee Benefits to Attract and Retain Female Professionals
March 23, 2022 | Winston
Professional women are an integral part of the labor force. According to an article by TeamStage, women now make up 47.7% of the global workforce. However, in light of “The Great Resignation,” researchers have found that women are also leaving their jobs at a higher rate than men. According to AXIOS, in January 2022, 4.1% of women quit their jobs compared to only 3.4% of men.
When implementing employee benefits, it’s easy to create broader plans that all employees can benefit from. Yet, now more than ever, it’s crucial to target specific groups with your packages to increase a sense of individuality and care for your employees, thus prompting them to commit to your company long-term. So, in honor of Women’s History Month, we’ve decided to provide a list of the top three employee benefits companies can implement to attract and retain female professionals.
1. Paid Parental Leave
When it comes to maternity leave, it’s no secret that the U.S. falls woefully short of global standards. While a few U.S. states mandate some degree of parental leave, federal law only grants parents six weeks of unpaid leave. Even so, some workers do not qualify, and their jobs may not be promised upon their return.
While you can’t change federal guidelines, your company can implement paid parental leave into your current offerings. The amount of time and amount paid can be based on what is realistic for your company. By incorporating these benefits, you’ll solidify your employer-employee relationships with your female staff and your male employees since most parental leave plans now include paternity leave.
2. Childcare Benefits or Remote Working Options
Lapses in childcare have long been hurting working women. Yet, despite advances in gender roles, women are still more likely to look after a sick child or manage their children’s schedules than men, according to an article by Forbes. For this reason, women may leave a position for a job with more flexibility to maintain their home life.
Companies can help retain their talented female employees by offering childcare benefits. These could look like daycare discounts, flexible working hours, or even onsite childcare services. However, if these benefits aren’t feasible for your company, consider offering your employees remote working options. By allowing employees the option to work remotely when a child is sick or they lack childcare, they can still be productive even during the unexpected.
3. Professional Development Opportunities
More women are in the workforce than ever before, but certain industries still have significant gaps in skills between men and women in the same roles. According to a recent study by Skillsoft, women in tech cite that they lack the skills and training to compete with their male counterparts.
Offering your female employees professional development opportunities is a great way to showcase your investment in their professional growth. You can easily incorporate these opportunities into your current package by offering a stipend for professional development courses or seminars of your employees’ choosing. Another option is through the use of conferences. If your company already invests in sending employees to annual workshops or conferences, consider finding events in your industry reserved for women and actively encourage your female employees to attend.
At Winston, we can work with your health and welfare broker and your team to create a benefits package that helps attract and retain talented women. We understand that not all of the benefits examples listed are realistic for all companies, and that’s why we can help you find feasible, creative alternatives to give your employees the benefits they deserve. Let’s connect!
Disclaimer: This content is strictly informational and should not be used as specific advice on insurance products, legal, accounting, and/or tax related matters. Insureds should always contact the appropriate licensed professional for their insurance, legal, accounting, or tax needs.