TAMPA, FL – September 30, 2019 – Labor and employment attorney Gregory A. Hearing, shareholder in GrayRobinson’s Tampa law firm office, provides insight surrounding the costs that parental leave pose on an organization in the Credit Union Journal Article "Can Credit Unions Keep Shirking Paid Parental Leave Benefits?”
Back in 1983, a teller at Central City Credit Union, now known as Simplicity Credit Union, gave birth to her first child – reaping no benefits of paid parental leave because they did not exist.
Though Simplicity is not alone in not offering paid parental leave, it is difficult to gauge how many institutions provide this benefit; and for all that individual credit unions can claim about moves they have taken to be an employer of choice, paid parental leave is still not a given at credit unions.
According to experts, offering paid parental leave can be a great way to attract and retain talent, especially in a booming economy. But many credit unions don’t offer this benefit because of the cost and the added strain on resources from employees being gone for an extended period.
“There are also hidden costs in having to train other employees to fill the void left by those on leave or pay overtime for those who have to work longer hours,” said Hearing.
Not only is it costly, it can be very difficult to fill those seats and provide excellent customer service, and that can affect the bottom line in a way that’s hard to measure, he added.
Commonly now, instead of providing paid parental leave, some credit unions have turned to other benefits to attract employees. However, looking to the future, organizations will run into problems if they are not more proactive.
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