REPRINTED FROM THE APRIL 21, 2008 ISSUE OF
HUMAN CAPITAL MANAGEMENT:
What the C-Suite Needs to Know About Benefits
A SPECIAL ADVERTISING SECTION PRODUCED IN PARTNERSHIP WITH
Women Want Flextime, Work-Life Schedules
By David Creelman
The challenge with employee benefits is viewing
them as an investment, not a cost. For example,
buying office equipment can be hugely expensive,
but no one blinks because it is seen as something
that will generate a return. In order to see benefits
this way, executives must know that they will produce
a positive outcome for the company. To that end,
experts agree that a purposeful and targeted approach
to benefits can boost employee retention rates,
which can be an enormous cost savings.
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O
ne targeted purpose for benefits is
the retention of female employees.
Any manager who has lost hard-
working female staff can relate to this cost, but
the payoff of retaining more women is clear.
When it comes to the retention of women,
benefits are not the only useful initiative, but
they are clearly a valuable tool and a productive
way to improve the bottom line.
“We have phenomenal benefits for women.
One of the most important ones is flex work
arrangements. For example, women can and do
take extra time off for maternity, often six
months,” says Jignasha Patel, director of global
2
Bill Mullaney
President, Institutional Business
MetLife
“We want women to use flextime because it means they
will be happy, and we will keep them. So, managers get
to own this: a flextime arrangement doesn’t need
approval from a vice president.”
— Jignasha Patel, Director of Global Talent Sourcing
and Inclusion, Freescale Semiconductor
SATISFYING BUSINESS
OBJECTIVES THROUGH
EMPLOYEE BENEFITS
Demographic shifts and concerns about
societal safety nets are changing the
landscape of workplace benefits. Used
strategically, employee benefits can help
employers attract and retain talent as well as
fill gaps in health and retirement plans.
“In an era of growing personal responsibility, benefits satisfaction is increasingly
a key factor in employee loyalty. While
important, health insurance may be viewed
as table stakes — not necessarily a competitive differentiator. A portfolio of benefits
can help a diverse employee population
obtain the coverages they need and want,”
says Bill Mullaney, president, MetLife
Institutional Business.
MetLife has just released its 6th Annual
Study of Employee Benefits Trends. The
results suggest that workers are increasingly
concerned about their economic prospects.
As they shoulder more financial responsibility,
they are looking for employers to help them
create a personal safety net — providing an
opportunity for employers to strengthen
employee loyalty.
Celebrating its 140th anniversary this year,
MetLife continues its commitment to helping
employers maximize the effectiveness of their
employee benefits plans. MetLife’s 6th Annual
Study of Employee Benefits Trends is available at whymetlife.com/study1.
Metropolitan Life Insurance Company
New York, NY 10166, L03083243(exp0309)
talent sourcing and inclusion at Freescale
ular hours. For companies that see benefits as
Semiconductor, based in Austin, Tex.
a cost, it is not a problem if employees don’t
Freescale Semiconductor is a global semi-
use the available benefits. But if benefits
conductor manufacturer with operations in 30
have a purpose, and they are not used, then
countries, 24,000 employees and 6 billion
their purpose will not be fulfilled.
dollars in revenue. Freescale looked at inter-
“We want women to use flextime because it
nal diversity data and realized that, while it
means they will be happy, and we will keep
was doing well in most categories, its num-
them. So, managers get to own this: a flextime
bers for women were low. This did not come
arrangement doesn’t need approval from a vice
as a surprise to an engineering and manufac-
president,” Patel says.
turing company, but Freescale was intent on
improving its numbers.
To increase its number of female employees,
Patel tracked utilization of flextime benefits,
and notes with satisfaction that the usage
has gone up.
Freescale decided to improve its recruitment
Freescale also has a concierge service to
practices, development programs and external
handle simple tasks that would otherwise
branding. However, no retention program
require an employee to be in two places at
would be complete without considering
one time. If an employee is on a business
specific investments in benefits.
trip, but at the same time needs to deliver an
As Patel notes, one of the most useful
item to his or her children’s school, the
benefits for retaining women employees is
service can handle that. If a mother is working
providing flexible work options. This
from home and her children are sick, the
includes part-time work, telecommuting
concierge can pick up medicine for her.
and customized schedules arranged between
employees and managers.
Freescale’s intent is to have a suite of
services that makes it easier for women to fulfill
However, a commonality at many compa-
their career ambitions without compromising
nies is that employees are hesitant to take
family obligations. Other services include an
advantage of flextime programs. The employ-
on-site nursery at its Austin location, and
ees believe that, despite the policy, manage-
Lifecare, a resource providing information on
ment frowns on those who do not work reg-
lifestyle issues such as pregnancy and child
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“Women face problems like knowing how to help a frail
elder move into assisted living on the other side of the
country. Benefits can be a matter of providing advice
rather than getting directly involved in elder care.”
— Sylvia Ann Hewlett, President, Center for Work-Life Policy
care. Freescale is also looking at some less
Many women take a break in their careers to
obvious but truly thoughtful ideas, such as
be mothers. The breaks are generally not long,
providing slimmer laptops in Japan so
but they can be very disruptive to careers.
employees don’t have to lug heavy computers
during long commutes.
Hewlett says 37% of women will spend two
to three years out of the workforce; 93% of
Caring for elderly loved ones drives about
these want to come back. Sadly, only 74% of
one-quarter of women from the workforce,
off-ramped women who want to rejoin the
says Sylvia Ann Hewlett, president of the
workforce ever manage to do so.
Center for Work-Life Policy.
Those are pretty substantial numbers. The
Yet, elder-care benefits need not be pricey.
financial sector has been aggressive in helping
Sometimes people just need advice on figuring
women with off-ramping and on-ramping
out the best healthcare options for seniors.
because attrition is a conspicuous cost.
Citibank offers an advisory resource and refer-
Goldman Sachs’ “New Directions: The Next
ral service for elder-care issues. Johnson &
Step in Your Career” program reaches out to
Johnson has created support groups — for
women who have been out of the workforce.
example, for employees whose parents have
It provides an opportunity to meet senior
Alzheimer’s disease.
employees, get updated on industry practices
“Women face problems like knowing how
and get plugged into opportunities.
to help a frail elder move into assisted living
When benefits have a clear purpose, it
on the other side of the country. Benefits can
makes it easier to design them, fund them
be a matter of providing advice rather than
and assess their value. They are never the total
getting directly involved in elder care,”
answer to a business issue, but they are a
Hewlett says.
useful tool. The use of targeted benefits to
Another important benefit is help in what
Hewlett calls “off-ramping” and “on-ramping.”
retain women is a clear win for both employees
and the companies they support.
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