Yahoo’s Chief Executive Officer Marissa Mayer has introduced a new paternity leave policy for Dads which gives them eight weeks of paid leave and has doubled paid maternity leave for mothers (from eight to 16 weeks).
In the race to attract and retain top talent in the competitive world of Silicon Valley, these HR measures really do make a difference and factors such as work-life balance can never be under-estimated in the battle to retain key employees.
In the UK, Dads are currently eligible for two weeks’ paternity leave at the statutory paternity pay (SPP) rate of £135.45 a week following the birth of their child. However, some employers are more generous and may pay for 2 weeks at normal salary and/or extend the amount of time off by an additional week….why?
Because the cost of attracting, training and managing new staff is far higher than the costs associated with implementing measures to retain those already employed within the organisation. In addition, the perceived benefit and value of these measures to employees is high and generates positive PR for the Company in terms of attracting new recruits.
So, as you try and think of cost effective ways to retain your staff without breaking the bank, perhaps the answer lies a little closer to home.