Startups are well known for their youth – they are typically started by people in their 20s who go on to hire other 20-somethings. Even companies started by those in their 30s or 40s tend to hire younger people, hoping to harness their stamina, ambition and willingness to adapt. This combined with a desire to keep costs low can often result in maternity/paternity policies being left until later.
While you may not have given it priority, having a strong maternity/paternity policy is incredibly beneficial to the health of any business – especially startup companies – and here’s why:
Promotes employee retention
As all business owners will know, employee retention is a critical issue. Having a staff of young employees working long hours, a high turnover is expected so the more you can do to retain staff, the better. Employing young staff and recent graduates means that they’ll grow up together and embark on life changes en masse. To ensure your employees stay with your company, your company benefits need to grow with them.
Helps in the recruitment of more experienced staff
When you get to the stage where you are able to hire more experienced staff, having a good maternity/paternity policy will be invaluable. Coming from bigger, more established companies, more seasoned employees will expect benefits like this, so not offering this will essentially opt you out of a huge talent pool.
Maintains a healthy workplace culture
Maternity and paternity policies help to create a more equitable workplace culture. Even for the non-parents in your company, having a strong maternity package will demonstrate that you care as an employer. It will offer reassurance that should a member of staff need your support, they will be treated properly too.