As the workforce changes and attracting talent grows more competitive, offering benefits such as paid parental leave puts an employer ahead of the curve.
Wells Fargo & Company, a financial banking services company, offers 16 weeks of paid parental leave for the primary parent and four weeks for the non-primary parent.
Well Fargo began the offer on Dec. 31, 2018 and has since received positive feedback from its employees.
“Even the team members at work, they know it may mean they’re running short while someone’s on leave but they appreciate the fact that they all benefit and so everyone pitches in to help out. So, it’s been widely well-received both by people who take advantage of it and by the whole team,” said Linda Milhaven, Greater Arizona Region Bank president.
Milhaven explained that Wells Fargo understands the importance of offering competitive benefits to its employees and those are considering a position for the company.
“We also know that the workforce is changing. So, as we have more millennials in our workforce, we know that the balance between work and personal is important to them. So, we saw this as being important to staying competitive and meeting the needs of our employees,” Milhaven said.
She explained that when a company takes care of its employees, everybody wins.
“When our team members are happy and pleased, we know they do a better job, our customers are better served, and the bank is more successful. You take care of your team, they take care of their customers and everyone succeeds,” Milhaven explained.
Attractive benefits also help combat turnover, which can become costly for a business.
The typical cost of turnover for an employee who earns less than $50,000 annually is 20 percent of their salary, according to the Center for American Progress.
“I think where employers can be responsive to [work-life balance] and provide options and allow people to do both well, I think that makes us a much more attractive employer and it helps us attract and retain the best talent,” Milhaven said.