A holistic approach to employee wellbeing can prevent four out of five working parents from quitting, with employers potentially seeing 5.5 times more revenue, confirmed a new report.
Employee burnout continues unabated, which means that the great resignation wave is far from over. Employees who experience burnout are more than twice as likely to look for new job opportunities, according to a new report by Maven Clinic and Great Place to Work. The report found that there are an estimated 4.8 million cases of burnout that could be prevented as the year comes to a close.
Burnout has especially impacted mothers of colour and young parents who are hourly workers; underscoring how the pandemic has exacerbated deep-seated inequities in the US. The report found that mothers from Black, indigenous and minority ethnic backgrounds are 35% more likely to experience burnout; and younger parents between the ages of 26-34 working hourly roles are 200% more likely to suffer from it.
DRIVERS TO RETAIN WORKING PARENTS
The study of half a million working parents, however, has identified five key drivers of retaining and sustaining working parents; positioning this group for long-term growth.
According to the study, the Best Workplaces for Parents are doubling down on benefits and seeing the results. Organisations that were perceived as offering ‘special and unique’ benefits were two times more likely to retain parents. Three in four (75%) Best Workplaces are providing support for fertility programmes and 66% offer adoption support. Many Best Workplaces are also offering benefits like egg freezing coverage (58%); subsidised child care expenses (44%); and surrogacy coverage (43%).
The new research comes at a time when the Great Resignation has reached new depths; as recent reports suggest that 65% of employees in the US are actively searching for new opportunities. Working mothers and fathers are no exception to this trend. As parents reconsider their relationship with work, companies face growing and new pressures to win the talent war for this key part of the workforce.
EMPOWERING WORKING PARENTS
“This report shows that the Great Resignation is fundamentally a crisis of recognition,” stated Kate Ryder, Founder and CEO of Maven. “Working parents who feel included within a company’s culture and empowered in its long-term strategy are far more likely to stay with their employer. The companies that think about their employees’ experience holistically – the challenges at home, the opportunities at work – are set to leapfrog their peers in the post-pandemic economy.”
The research shows that by “ensuring working parents experience a great place to work for all can be achieved if employers shift their focus to the five key drivers to attract, retain and sustain working parents”, added Michael Bush, CEO of Great Place to Work. “Ultimately, companies that embrace strategies to ensure this talent group thrives long into the future have the potential to see 5.5 times more revenue growth. Working parents are a key talent demographic that can help companies thrive; and business leaders who see it this way are at a powerful advantage.”
FAIRNESS & INCLUSION MATTERS
The report offers valuable insights about what matters most to working parents. This includes personalised support, fairness and inclusivity; and providing data-driven strategies for employers to emerge as leaders of the new way of working.
The research is part of a multi-year partnership between Maven and Great Place to Work; and marks the second annual study released by the two companies. The launch of “Working Parents, Burnout & the Great Resignation” also coincides with the release of Great Place to Work’s annual Best Workplaces for Parents list; which celebrates the 100 companies whose support for parents has stood out over the past year, as reported. Click here to download the full report.
EQUAL FAMILY LEAVE POLICIES
Companies like Sanofi and JTI have implemented more equal family leave policies to support working parents. Click here to continue reading.
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