 |  |
Keywords: Bank of America, Ernst & Young, work, diversity, motherhood, pregnant, maternity leave, baby, working mother, parents
Returning to work after having a child is probably one of the hardest things for a new mom to tackle. Both child and mother experience separation anxiety, and working for a company that understands this is essential in making the transformation from a stay-at-home mom to a working mom.
Also essential is being able to achieve a work/life balance, and while some companies don't seem to fathom how this would work, Bank of America and Ernst & Young, Nos. 3 and 17 on The 2008 DiversityInc Top 50 Companies for Diversity® list, respectively, are among the leading corporations that get it. Not only do they get it, but they also offer several work/life benefits which they believe have led to higher retention and recruitment rates. In fact, over the past 10 years, Ernst & Young's retention rate in the United States at the staff/assistant, senior and manager levels has improved more than 10 percent at each level.
"It really shows our firm's commitment to our people being able to meet both their personal and professional goals," Ellen Williams, an HR professional with the flexibility-strategy team at Ernst & Young. Audio clip. 
Likewise, Bank of America's "My Work" benefit, which allows associates to work from home or a satellite location, has received positive feedback from employees at all levels.
"We just recently polled 6,500 participants and interestingly we got 4,200 responses, which is an incredibly high response rate," says Lynne Rieger, a corporate-workplace executive for Bank of America. "Of those 4,200 folks, we are noting about a 14 percent increase in their satisfaction with their jobs, which is pretty dramatic." Audio clip.
Such programs mirror many of the programs offered by DiversityInc's Top 10 Companies for Executive Women, which offer various work/life benefits including emergency childcare, eldercare, job sharing and sabbatical leave.
So whether you're pregnant and thinking about motherhood's impact on your future career goals, or you are a new mom looking to reenter the job force, here are five tips on what to look for in a company:
1. Overall Company Diversity
If diversity is important to a company, it should be an obvious benefit for a new mom searching for the right company fit.
At Bank of America, 66 percent of the workforce are women, 44 percent of whom are from underrepresented groups. The company's LEAD program promotes development of professional women to help grow, attract and retain successful women throughout the bank.
In its 2007 fiscal year, 48 percent of Ernst & Young's new hires, 40 percent of experienced hires and 51 percent of staff/intern hires were women. Even more impressive, women represented 33 percent of partner and principal promotions effective July 1, 2007, which is the highest percentage of any of the Big Four.
2. Flexible Work Arrangements
When there is a new baby at home, flexibility across the board is essential. But it is especially important when it comes to making a living.
Bank of America's "My Work" program enables employees to have "options on where and how to work," Rieger says.
"They may be located in one of our office buildings or they may be located more remotely in a suburban satellite or you may choose to spend an afternoon at home trying to get some heads-down work done," says Rieger. "So it really does enable Bank of America employees to work anytime, anywhere, and be as productive in each of those environments." Audio clip.
With the unpredictability of motherhood, this kind of program opens up a lot of opportunities.
"I've been on the 'My Work' program a little over two years," says Melissa Brandon, vice president and senior change consultant for Bank of America. "I've found that it's even easier, especially that first year when you come back from a maternity leave, to reintegrate in a team because I'm not as stressed about having to take care of my baby or what's going on with my baby." Audio clip.
3. Working Mother Networks
Having support from other new moms can help offset the overwhelming responsibilities a new baby can bring.
"I enjoy a lot of the benefits [at Bank of America]," says Brandon. "I also participate in 'Parents Helping Parents,' which is a support group with the bank."
Since 71 percent of all moms were in the labor force in 2006, according to the Bureau of Labor Statistics, a support group of mothers all dealing with similar challenges can lessen the intensity of those challenges. Click here to read about how PricewaterhouseCoopers, No. 4 on The 2008 DiversityInc Top Companies for Diversity® list, is helping new mothers through its Mentor Moms program.
"We have found that when our moms are coming back [with] the guilt of having to go back to work and leaving their child … they find the support is really something that helps them get back into the routine of going back to work and being the best they can both at work and at home," says Williams. Audio clip.
Ernst & Young sends a clear message to existing employees as well as new recruits that they want to help women be successful professionals and mothers.
"We have the national working-moms network and … the other area … is done more on a local and area basis where moms will get together and talk about the issues of working and being a mom," explains Williams. Audio clip.
4. Assistance with Childcare Expenses
A huge issue in returning to work is finding the right childcare. While this may be a tedious task, possibly even more agonizing are the expenses associated with the care. So finding a company that is willing to offset that expense with partial reimbursement is key.
The Childcare Plus program at Bank of America does just that, helping both full-time and part-time eligible associates with reimbursing a percentage of their childcare expenses. Employees who have a base annual salary of $34,000 or less and a total annual family income of $60,000 or less qualify for the program, and in 2009 the company will extend these benefits to an additional 44,000 associates. Approximately 150,000 associates will have the opportunity to participate, and reimbursement rates will increase to 35 percent.
The bank also offers near-site childcare centers, which can be used as backup for those employees who already have care in place.
Ernst & Young, likewise, offers a similar program. "We recognize the importance of taking care of the families," says Williams. "We offer a backup care program for the children so throughout the course of the year [parents] can call a number and find either in-home care or a center either close to their client or close to their home." Audio clip.
5. Career Advancement
New moms who take advantage of a flexible work environment are in most cases as dedicated to their career as their coworkers and want to move ahead in their company.
"Your career advancement at the bank is really dependent on your performance, and we're not seeing any negative impact on people's performance [due to the work/life benefits]," says Rieger. "If anything, we're seeing an increase in their performance because of their satisfaction." Audio clip. For Ernst & Young in 2007 alone, 10 women were promoted to partner or principal and 10 to executive director or director while on a flexible work arrangement. "I've been with Bank of America for 12 years," Brandon says. "I've been doing ['My Work'] for two, and I feel like I've been more productive and still have that work/life balance." Audio clip. Readers' Comments
Wow, I have to say I'm impressed that BofA has this type of flexibility in helping parents balance their work-life obligations. They didn't have it (that I know of) when I worked for them. Child care is always an issue - so good for them!
Posted: Monday, Oct 06, 2008
What New Moms Should Look For in a Company