Leave competition behind
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TURNOVER 71% PROFITABILITY 63% PRODUCTIVITY 71% Leave your competition behind Time off isn’t just good for employees, it’s good for business. It helps you recruit and keep the best employees, cutting attrition costs while boosting workforce engagement. In short, a good leave program can help your company win the war for talent. Here’s why it pays to leave by example. MILLENNIALS EXPECT IT The workforce’s largest generation is driving change Percentage of employers reporting positive effects from paid family and medical leave 5 EMPLOYEES & EMPLOYERS BENEFIT FROM IT Companies large and small are setting the bar YOUR COMPETITION IS GETTING BETTER AT IT 21 ST CENTURY PERKS YOUR COMPETITORS ARE OFFERING 14 What is your company doing to turn time off into productive time on? LOWER YOUR ATTRITION, LOWER YOUR COSTS MORALE 82% 71 % VS 64 % 1 Pew Research Center, Millennials surpass Gen Xers as the largest generation in the U.S. labor force, May 11, 2015. 2,3 EY, Millennials: ‘Generation Go’ , 2015. 4 Organisation for Economic Co-operation and Development, Trends in parental leave policies since 1970, March 16, 2017. 5 EY, Viewpoints on paid family and medical leave: findings from a survey of US employers and employees, March 2017. 6 The Coca-Cola Company, Paid Leave for All Parents: Millennial Employees Drive Coke’s New Parental Benefits Policy, April 11, 2016. 7 Project: Time Off, The Tethered Vacation, Oct. 11, 2017. 8 SHRM, SHRM Survey Findings: Vacation’s Impact on the Workplace, Nov. 12, 2013. 9 Center for American Progress, There are Significant Business Costs to Replacing Employees, 2012. 10 Susan Wojcicki, The Wall Street Journal, Paid Maternity Leave Is Good for Business, Dec. 16, 2014. 11 Center for American Progress, There are Significant Business Costs to Replacing Employees, 2012. 12 Guardian, The 2017 Guardian Absence Management Activity Index SM and Study: Raising the Bar on Employee Leave Practices and Outcomes, 2017. 13 WorldatWork, Paid Time Off Programs and Practices, June 2016. 14 Business Insider, 19 companies that offer some of the best parental leave policies in America, May 2016. 15 DMEC, The Paid Leave Project: Emerging Business Trends in Paid Family Medical Leave, Feb. 2018. ©2018 Unum Group. All rights reserved. Unum is a registered trademark and marketing brand of Unum Group and its insuring subsidiaries. unum.com MK-3697 (4-18) GENERAL AUDIENCE At 54 million, millennials currently make up the largest share of the U.S. workforce 1 86% are less likely to quit a job offering paid parental leave 2 40% would move to another country for better leave benefits 3 The U.S. ranks last in the developed world for paid parental leave 4 “Paid parental leave isn’t just a nice thing to do — it’s the smart thing to do for our business.” 6 - Coca-Cola Percent of employees willing to put in extra time on the job if encouraged to unplug from the office compared to those who aren’t. 7 Employees who take most or all their paid time off perform better than those who take less. 8 95% of CA workers who took family leave returned to work; 4 of 5 to same employer 9 95% 50% lower attrition rate after Google increased the length of its maternity leave 10 50% 21% of salary -- estimated cost to replace an employee 11 21% 88% of companies think they need to offer paid leave to be competitive 13 46% of companies with 1,000 or more employees offered paid parental leave in 2016 12 33% of employers offered paid parental leave in 2016 12 Equal paid leave for new mother and fathers Unlimited parental leave until a new child’s first birthday Parental leave for adoptive and foster parents Ability to share paid parental leave with spouse who works for another company More leave for other caregivers, e.g., those caring for aging parents 15
Transcript of Leave competition behind
TURNOVER
71%PROFITABILITY
63%PRODUCTIVITY
71%
Leave your competition behindTime off isn’t just good for employees, it’s good for business. It helps you recruit and keep the best employees, cutting attrition costs while boosting workforce engagement. In short, a good leave program can help your company win the war for talent. Here’s why it pays to leave by example.
MILLENNIALS EXPECT ITThe workforce’s largest generation is driving change
Percentage of employers reporting positive effects from paid family and medical leave5
EMPLOYEES & EMPLOYERS BENEFIT FROM IT
Companies large and small are setting the bar
YOUR COMPETITION IS GETTING BETTER AT IT
21ST CENTURY PERKS YOUR COMPETITORS ARE OFFERING14
What is your company doing to turn time off into productive time on?
LOWER YOUR ATTRITION, LOWER YOUR COSTS
MORALE
82%
71% VS 64%
1 Pew Research Center, Millennials surpass Gen Xers as the largest generation in the U.S. labor force, May 11, 2015. 2,3 EY, Millennials: ‘Generation Go’, 2015. 4 Organisation for Economic Co-operation and Development, Trends in parental leave policies since 1970, March 16, 2017. 5 EY, Viewpoints on paid family and medical leave: findings from a survey of US employers and employees, March 2017. 6 The Coca-Cola Company, Paid Leave for All Parents: Millennial Employees Drive Coke’s New Parental Benefits Policy, April 11, 2016. 7 Project: Time Off, The Tethered Vacation, Oct. 11, 2017. 8 SHRM, SHRM Survey Findings: Vacation’s Impact on the Workplace, Nov. 12, 2013. 9 Center for American Progress, There are Significant Business Costs to Replacing Employees, 2012. 10 Susan Wojcicki, The Wall Street Journal, Paid Maternity Leave Is Good for Business, Dec. 16, 2014. 11 Center for American Progress, There are Significant Business Costs to Replacing Employees, 2012. 12 Guardian, The 2017 Guardian Absence Management Activity IndexSM and Study: Raising the Bar on Employee Leave Practices and Outcomes, 2017. 13 WorldatWork, Paid Time Off Programs and Practices, June 2016. 14 Business Insider, 19 companies that offer some of the best parental leave policies in America, May 2016. 15 DMEC, The Paid Leave Project: Emerging Business Trends in Paid Family Medical Leave, Feb. 2018.
©2018 Unum Group. All rights reserved. Unum is a registered trademark and marketing brand of Unum Group and its insuring subsidiaries.
unum.com
MK-3697 (4-18) GENERAL AUDIENCE
At 54 million, millennials currently make up the largest share of the U.S. workforce1
86% are less likely to quit a job offering paid parental leave2
40% would move to another country for better leave benefits3
The U.S. ranks last in the developed world
for paid parental leave4
“Paid parental leave isn’t just a nice thing to do — it’s the smart thing to do
for our business.”6
- Coca-Cola
Percent of employees willing to put in extra time on the job if encouraged to unplug from
the office compared to those who aren’t.7
Employees who take most or all their paid time off perform better than those who take less.8
95% of CA workers who took family leave returned to work; 4 of 5 to same employer9
95%
50% lower attrition rate after Google increased the length of its maternity leave10
50%
21% of salary -- estimated cost to replace an employee11
21%
88% of companies think they need to offer paid leave to be competitive13
46% of companies with 1,000 or more employees offered paid parental leave in 201612
33% of employers offered paid parental leave in 201612
Equal paid leave for new mother and fathers
Unlimited parental leave until a new child’s first birthday
Parental leave for adoptive and foster parents
Ability to share paid parental leave with spouse who works for another company
More leave for other caregivers, e.g., those caring for aging parents15
