Late summer usually marks the beginning of the back-to-school push. But this is no ordinary summer.
COVID-19 is causing lingering uncertainty about schools reopening, even while most states are ramping up business re-openings. This is creating some tough choices for families, and many parents are leaving jobs for good.
But the economy needs parents to fill important roles in the workforce. Here are four practical tips to keep parents on the payroll.
Some dual-working families are responding by having one parent leave the workforce, or not return to the workforce if they’ve been laid off. There are growing numbers of parents who are not returning to work after taking leave for new babies, or health and safety considerations. Single parents are struggling to balance remote work and caring for kids. And, still another subset of parents have taken pay cuts or are furloughed, causing financial strain at home.
Consider these 2019 pre-coronavirus numbers:
This data shows there were already issues for working parents before COVID-19, but the pandemic is really shining a spotlight on the difficulties.
Simply put, hemorrhaging working parents is bad for business and the economy in general. In 2019, of the nation’s 33.4 million families with children, at least one parent was employed in 91.3% of those families.
Like any attrition, losing working parents increases hiring and recruiting budgets and turnover costs, and it also limits leadership opportunities for parents forced to leave. Depending on the study, some indicate it costs a business six to nine months of a person’s salary to replace them. So that $40,000 manager will run you $20,000-$30,000 to replace.
The impact on women’s vertical mobility within organizations is especially evident. Women make up less than 7% of CEOs at Fortune 500 companies; women of color make up an even smaller percentage.
For more insight on how COVID-19 is disproportionately impacting vulnerable populations in the workplace, read this.
Now that we know why parents leave the workplace, and what damage this causes organizations, we can address how to slow the drain, and perhaps, even leverage parents’ expertise better to drive long-term competitiveness.
The bottom line is this: parents want to work for parent-friendly companies. The amount of chaos thrust upon parents throughout COVID-19 has made them value flexibility, transparency, and empathy more than ever before. They’re seeking a re-imagined workplace.
From an enterprise perspective, the high unemployment rate has created an opportunity for businesses to select from the best talent pool of parents that the labor market has seen in recent memory. With the right return-to-work program that promotes parent empathy and understanding, you can attract that top talent.
Our goal at EBI is to support your business goals with valuable knowledge, tools, and insight. Let us know how we can help improve the overall quality of your operations. Give us a call or email us to connect with one of our experts.
From return-to-work health and safety programs to background screening solutions, we have a full suite of options to optimize your business. Unfortunately though, we can’t tell you if your local school is going to re-open.
Stay safe out there.
Tricia O'Connor
Writer. Digital marketer. Storyteller. An award-winning writer and editor, Tricia O'Connor is the Marketing Content Manager at EBI. Tricia worked as a broadcast and print journalist for nearly two decades writing and producing programming for high-profile networks like ESPN Radio, History Channel, and Hallmark Channel, as well as contributing editorial work to publications nationwide. Tricia joined the EBI marketing team in 2019 and is responsible for content strategy, development, and engagement. Tricia earned a master's degree in journalism from the Medill School of Journalism at Northwestern University and is a proud undergraduate alumna of Wheaton College in Massachusetts.
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