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September 07, 2000
Family-Friendly Companies Reap Economic Rewards
Working Mother magazine announces this year's "100 Best Companies for Working Mothers," citing
bottom-line benefits to companies listed.
SocialFunds.com --
Women make up almost half of the workforce in the U.S., and yet many companies have been slow to
adopt policies that reflect the familial responsibilities of their female employees. A survey by
Working Mother magazine highlights how savvy businesses are working to attract and retain talented
woman employees in the competitive employment market.
"100 Best Companies for Working Mothers" was
published in the October issue of Working Mother, the 15th annual report on the subject by the
national business magazine for executive and entrepreneurial mothers. The report suggests that
companies are making significant improvements in "quality of life" benefits such as telecommuting,
on-site child care, career training, and flextime, saving hundreds of thousands of dollars in
recruitment in the long run.
"Since 1986 when the list debuted, we've been witness to a
work/life revolution," said Lisa Benenson, Working Mother Editor-in-Chief. "The number of companies
on the list that have initiated flextime and other work/life initiatives has increased
dramatically. Companies are realizing that the work/life needs of their employees are very real
and, by instituting these programs, companies increase production and lessen attrition."
For example, the health-care group Novant reports that for every dollar it spends on its
on-site childcare center, the company gets five or six dollars back, attributed to reduced
absenteeism and lessened stress. Prudential discovered that investments in family-friendly programs
such as job-sharing and flextime result in a 20 percent decrease in employee absences, as well as a
lower turnover rate.
The "100 Best" list is compiled from the results of a 67-page
questionnaire detailing benefits policies and practices of each applicant company, as reported by
their human resources executives. Each company is rated on a scale of one to five in five
categories: child care, flexibility, leave for new parents, work/life benefits, and advancement of
women.
For instance, while only 10 percent of U.S. companies overall offer on- or near-
site child care, 68 percent of this year's "100 Best" have child care available. At Motorola, the
self-described largest provider of work-site child care in the world, three quarters of the
company's working moms have access to two new day care centers. Viacom expanded its childcare
program this year to include grandkids, to address its uniquely multi-generational workforce.
Other "quality of life" benefits are even more exceptional, such as pharmaceutical giant Merck
& Co. offering on-site auto service and take-out meals from the company chef to heighten the
quality of employees' lives. Novell, the Utah-based software company, provides dental exams, flu
shots, a fitness club, and banking, while MBNA presents a $2,500 CD to each new baby born to an
employee.
Among the top 10 contenders on the list, which includes Fannie Mae, Allstate
Insurance Company, Bank of America and Eli Lilly, only IBM has been on the list for each of the
last 15 years. Novant Health stands out as the only company that was listed for the first time this
year, and made it in the top 10.
But simply creating work/life programs is still a step
away from making sure these programs are being used and are available to the widest number of
employees. Working Mother received letters from employees of the "100 Best" companies in previous
years, asking why they didn't have access to the benefits described in the survey.
"For
the first time, Working Mother took on this issue as well," said Benenson. "The October article
outlines three primary obstacles employees face, and looks at what employers can do to be sure
benefits reach all workers. The truth is, too many benefits go to the people at the top, and those
who may need family-friendly policies the most don't have access."
Fortunately, several
companies on this year's list have moved beyond simply creating work/life programs, and are
following through to make them available to the greatest number of employees. For instance, almost
half of the companies link managers' pay with such issues as advancement of women on staff, use of
flextime and employee satisfaction.
Corporate employee benefits is one of the key
parameters used by socially responsible investors to rate the social performance of companies.
Working Mother's "100 Best" Companies provide an important benchmark for employee benefits, and
points to some of the leaders who have illustrated a strong desire to maintain a happy workforce.
©
SRI World Group, Inc. All Rights Reserved.
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