Why Work-Life Balance is a Business Strategy
What did it take to make the list? Colgate-Palmolive - number one for the third consecutive year (and one of the many Bright Horizons clients to be recognized) - states its philosophy front and center on its career page with the headline, "employer of choice." That philosophy is backed up with Bright Horizons' child care centers, emergency in-home care for children and elders, and tuition assistance; all things aimed at providing what it calls "a healthy balance between work and personal responsibilities."
Work-Life Balance as an Employer BrandIt's no surprise that Colgate-Palmolive and the other Forbes' companies are not just supportive, but also big success stories. Check any best-company list and you'll find an ever-expanding roster of prestigious and successful organizations that are dedicating substantial resources not just toward standing out for the products and services they offer, but also for carefully built employer brands that attract top talent.
In a blog on the subject, Bright Horizons Chief Human Resources Officer Dan Henry observed that the same names that get recognized for their exemplary and forward-thinking people practices are also big financial success stories. "If you needed proof that supportive cultures work," he says, "well, there you go."
Work-Life Benefits Are a Smart Approach to Recruitment and RetentionAnd from a recruitment and retention standpoint, all the attention makes perfect sense. As Virginia recruiter Heidi Parsont told the Washington Post earlier this year, "Wanting flexibility or work-life balance is the number one thing we hear all the time from candidates. It's the number one reason why people are looking for a new job, by far."
This is particularly true for coveted Millennials. Study after study shows Millennials making it clear they don't intend to embrace previous generations' all-work-and-no-life philosophy.
Our own Millennials study showed that young employees - often considered job-hoppers - would gladly settle down with employers who satisfy their desire for educational growth. With Millennials officially today's largest workplace demographic, and an improving job market putting them increasingly in the driver's seat, there's a sense that companies behind the work/life-balance curve will have a lot of catching up to do.
"Creating work/life balance in a company is a choice," Paul D'Arcy, senior VP of Forbes' survey partner, Indeed.com, told the magazine. "It's not a luxury that comes with one industry or one type of business model."
A choice it may be - but it's an increasingly smart one.
Bright Horizons' workplace solutions have helped leading employers around the world recruit and retain top talent, and land top spots on coveted lists including FORTUNE, Working Mother, and Forbes. Nearly half of the Forbes top 25 are Bright Horizons clients. Learn more about our family of solutions at work here.
July 15, 2020