All business owner types have critical responsibilities. Regardless of how significant or small their company is, the senior leaders must prioritize their employees. Hence, including parental leave as one of the perks in your benefits package is wise to do. It’s also another way to enhance your business reputation and increase your team’s goodwill. It’s just excellent optics for your organization!
Is Your Business Required to Provide Parental Leave?
Two primary factors influence the answer to this question. In addition, those factors are how massive your business is and its location. Also, the matter of maternity and paternity leave depends on the category of labor law. FMLA, or Family Medical Leave Act of 1993, maintains the basic criteria for the employee types who qualify. Those eligible are entitled to 12 weeks of unpaid parental leave within a year.
Moreover, the Department of Labor interprets that the law covers all public and private elementary and secondary schools, public agencies, and companies with 50+ employees. Meanwhile, individual states will have their own rules, guidelines, and regulations.
Associated Costs with Family Leave
Suppose that you consider offering parental leave to your employees. So, what does this indicate for your agency? After all, you are not required to do so. That said, it may definitely increase morale across the board. Most importantly, happier employees perform better. Therefore, they are more motivated to be at the top of their game.
For instance, there can be lost productivity when an employee goes on leave. This signifies that there is some minor trade-off in having such a policy in place. Other associated costs include hiring an intern or temp worker to cover their workload and continuously paying for their benefits while the worker is on hiatus.
Regardless, there’s no doubt that parental leave benefits are in high demand. In short, you have options:
- No parental leave at all
- Paid leave
- Unpaid leave
- A combination of paid and unpaid leave
Ultimately, financial considerations and company culture will determine the best course of action. Perhaps you can ask your team how they feel about their current compensation packages and go from there.
Get in Your Voluntary, Supplemental, and Health Insurance Policies with the MWE Partnership!
Are you a business looking to provide your employees with essential voluntary benefits? If so, look no further than The MWE Partnership. When you choose The MWE Partnership, you get experienced service and comprehensive voluntary benefit options that will meet all your employees’ needs. With over 17 years of experience, The MWE Partnership is your go-to provider for all your supplemental benefit needs. If you are interested in finding out how The MWE Partnership can help your business, contact us today! We encourage you to like our Facebook page and follow us on Twitter and LinkedIn for the latest voluntary benefit news!