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QUESTIONS: 1. Based on (EXHIBIT 13.2), paid family leave is offered by few organizations. Why do you think that is? What does paid family leave cost? Would a paid family leave benefit be important to all employees?What about you? Why or why not? 2. What role might paid family leave play in helping employees stay in the work force? What is the business case broadly for (or against) offering family leave?

QUESTIONS: 1. Based on (EXHIBIT 13.2), paid family leave is offered by few organizations. Why do you think that is? What does paid family leave cost? Would a paid family leave benefit be important to all employees?What about you? Why or why not? 2. What role might paid family leave play in helping employees stay in the work force? What is the business case broadly for (or against) offering family leave?

Understanding Business
Understanding Business
12th Edition
ISBN:9781259929434
Author:William Nickels
Publisher:William Nickels
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
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QUESTIONS:

1. Based on (EXHIBIT 13.2), paid family leave is offered by few organizations. Why do you think that is? What does paid family leave cost? Would a paid family leave benefit be important to all employees?What about you? Why or why not?

2. What role might paid family leave play in helping employees stay in the work force? What is the business case broadly for (or against) offering family leave?

**Exhibit 13.2** highlights employee access to selected benefit programs, categorized by establishment size, showing a strong correlation between establishment size and availability of benefits. Larger establishments generally offer a wider array of benefits compared to smaller ones. The common inquiry regarding universal retirement packages is addressed: not all employees receive one, with many lacking even health coverage. In exploring employee benefit categories (further elaborated in Exhibit 13.3), we illustrate essential principles shaping strategic and administrative decision-making for each benefit type. **EXHIBIT 13.2**: Percentage of Full-Time Workers in U.S. Private Industry with Access to Selected Benefits Programs, by Establishment Size | Benefit Programs | All | 1–99 Employees | 500 or More Employees | |-------------------------------|-----|----------------|-----------------------| | Medical care | 70% | 56% | 91% | | Short-term disability insurance| 42% | 30% | 63% | | Long-term disability insurance| 34% | 24% | 58% | | All retirement | 67% | 53% | 88% | | Defined benefit pension | 15% | 7% | 39% | | Defined contribution plan | 64% | 51% | 82% | | Life insurance | 56% | 40% | 82% | | Paid leave | | | | | Sick | 75% | 67% | 88% | | Vacation | 79% | 71% | 90% | | Holidays | 80% | 73% | 91% | | Family | 20% | 15% | 31% | *Source: U.S. Bureau of Labor Statistics, National Compensation Survey, Employee Benefits in the United States–March 2020. Bulletin 2793. www.bls.gov/ncs/ebs.* This table emphasizes how larger establishments provide more comprehensive benefits, affecting employee well-being and satisfaction, and thereby contributing to strategic planning within organizations.
Transcribed Image Text:**Exhibit 13.2** highlights employee access to selected benefit programs, categorized by establishment size, showing a strong correlation between establishment size and availability of benefits. Larger establishments generally offer a wider array of benefits compared to smaller ones. The common inquiry regarding universal retirement packages is addressed: not all employees receive one, with many lacking even health coverage. In exploring employee benefit categories (further elaborated in Exhibit 13.3), we illustrate essential principles shaping strategic and administrative decision-making for each benefit type. **EXHIBIT 13.2**: Percentage of Full-Time Workers in U.S. Private Industry with Access to Selected Benefits Programs, by Establishment Size | Benefit Programs | All | 1–99 Employees | 500 or More Employees | |-------------------------------|-----|----------------|-----------------------| | Medical care | 70% | 56% | 91% | | Short-term disability insurance| 42% | 30% | 63% | | Long-term disability insurance| 34% | 24% | 58% | | All retirement | 67% | 53% | 88% | | Defined benefit pension | 15% | 7% | 39% | | Defined contribution plan | 64% | 51% | 82% | | Life insurance | 56% | 40% | 82% | | Paid leave | | | | | Sick | 75% | 67% | 88% | | Vacation | 79% | 71% | 90% | | Holidays | 80% | 73% | 91% | | Family | 20% | 15% | 31% | *Source: U.S. Bureau of Labor Statistics, National Compensation Survey, Employee Benefits in the United States–March 2020. Bulletin 2793. www.bls.gov/ncs/ebs.* This table emphasizes how larger establishments provide more comprehensive benefits, affecting employee well-being and satisfaction, and thereby contributing to strategic planning within organizations.
**Your Turn: Evolving Benefits: Paid Leave** Organizations have implemented and expanded paid family leave practices to help employees better balance work and family and to enhance their success in attracting and retaining employees who prioritize such balance. Many organizations report that improvements in paid leave have aided employee retention and recruitment success. Earlier, we saw examples of companies like Google and Best Buy documenting tangible benefits. In Austin, Texas, a study on citywide paid sick days ordinance showed that businesses saved $4.5 million annually due to lower turnover, with community savings estimated at $3.8 million annually from fewer ER visits and health improvements. In the COVID-19 era, these health benefits would presumably have been even larger. Anecdotal evidence, while less systematic, provides insight, with some recruiters noting that paid leave policies often seal the deal for women and younger candidates. 1. (EXHIBIT 13.2) shows that few organizations offer paid family leave. Why might this be? Consider the costs, benefits, and needs of different employees. 2. Consider the impact of paid family leave on workforce stability. What is the business case for or against offering family leave? Sources: Joan Michelson. How Small Companies Can Offer Great Paid-Leave Programs Harvard Business Review, January 7, 2021. HBR.org. National Partnership for Women & Families. Paid Sick Days Are Good for Business. Fact Sheet. October 2020; T. L. Rhodes, “Paid Family Leave Is Increasing Employee Retention Rates,” Risk & Insurance, July 18, 2018, https://riskandinsurance.com; A. Van Abbema, “How Best Buy Cut Its Staff Turnover More Than 30 Percent in Four Years,” Minneapolis/St. Paul Business Journal.
Transcribed Image Text:**Your Turn: Evolving Benefits: Paid Leave** Organizations have implemented and expanded paid family leave practices to help employees better balance work and family and to enhance their success in attracting and retaining employees who prioritize such balance. Many organizations report that improvements in paid leave have aided employee retention and recruitment success. Earlier, we saw examples of companies like Google and Best Buy documenting tangible benefits. In Austin, Texas, a study on citywide paid sick days ordinance showed that businesses saved $4.5 million annually due to lower turnover, with community savings estimated at $3.8 million annually from fewer ER visits and health improvements. In the COVID-19 era, these health benefits would presumably have been even larger. Anecdotal evidence, while less systematic, provides insight, with some recruiters noting that paid leave policies often seal the deal for women and younger candidates. 1. (EXHIBIT 13.2) shows that few organizations offer paid family leave. Why might this be? Consider the costs, benefits, and needs of different employees. 2. Consider the impact of paid family leave on workforce stability. What is the business case for or against offering family leave? Sources: Joan Michelson. How Small Companies Can Offer Great Paid-Leave Programs Harvard Business Review, January 7, 2021. HBR.org. National Partnership for Women & Families. Paid Sick Days Are Good for Business. Fact Sheet. October 2020; T. L. Rhodes, “Paid Family Leave Is Increasing Employee Retention Rates,” Risk & Insurance, July 18, 2018, https://riskandinsurance.com; A. Van Abbema, “How Best Buy Cut Its Staff Turnover More Than 30 Percent in Four Years,” Minneapolis/St. Paul Business Journal.
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