Research has shown that supporting working families isn’t just the right thing to do, it is a business imperative that improves the bottom line. In a recent review of published literature on the topic Assistant Professor of Management Tony Kong finds ample evidence of profitability and productivity being given a boost in both small and large businesses with the implementation of family-friendly policies and procedures.
Some examples cited:
• Telecommuting has resulted in millions of dollars of net gain due to real estate savings and increased productivity at companies such as AT&T, JetBlue, IBM and others.
• Wellness programs at Johnson & Johnson are estimated to save $225 per employee in reduced hospital admissions, mental health visits and outpatient services. Other companies with wellness programs report reductions in absenteeism and illness and injury and their associated costs.
• Personal, family and parental leave is associated with increased productivity, lower absenteeism and lower turnover. Low income families in particular are more likely to have a sick family member who needs care, and offering leave has resulted in fewer unscheduled absences and increased productivity at work.
• Job sharing and part-time options at Corning are estimated to have reduced turnover by 50 percent. Cigna and Fortune 500 firm USAA also report significant reductions in turnover due to offering flexible work arrangements.
By Julie Bonnin