An Up-to-Date Benefits Outlook for Women-Led Companies in 2020

From achieving massive professional milestones to winning for equal pay, the global female workforce has set some huge positive examples over the past few years. In this day and age, many companies go above and beyond to encourage their female employees and make sure that they’re well-compensated and satisfied. However, designing an appropriate benefits outlook, particularly for an all-female workforce and a female-led company, can often be challenging.

While female companies are quite rare, especially when it comes to certain industries, they do exist. Companies with only female employees are usually NGOs working towards woman empowerment.

Unlike other organizations that offer standard employee benefits, these companies take an interesting approach to rewarding their employees.

Selecting smart benefits for a female-led company requires understanding the daily challenges of an average female employee.

To that end, here are 4 smart ideas that can suit any industry, and that creates the best employment benefits for women-led companies in 2020.

Telecommuting and Work Flexibility

Let’s start with the basics of flexibility. Women workers, especially those with kids and families, often struggle with daily commuting to work, especially if they live far off. Most would just prefer working from home, instead of traveling every day to their workplaces. To manage this, you can give them the freedom to work from home or telecommute or work from wherever they want. This is as long as they get their assigned work done.

This benefit shouldn’t be limited to female-led companies. In this day and age, almost every other company gives its employees the option to work from home.

Following are some pointers on how you can accomplish that without affecting productivity and overall communication:

  • Use a team collaboration and/or project management software
  • Give company-maintained laptops and/or online tools that are needed to get the work done.
  • Declare clear expectations, so that the workforce doesn’t misuse the flexibility.

At the end of the day, you’re not paying a huge amount of money to seat-warmers. If the job gets done on time, it shouldn’t really matter where the employee chooses to work.

On-Site Daycare

In the US, independent-based daycares can cost up to $11,666, yearly. That’s a massive amount, especially when compared to the average US employee’s annual paycheck.

When it comes to female employees with children, on-site daycare is one of the best competitive benefits.

Even when provided the option of maternity leave, most female employees are often forced to quit their jobs due to the rising cost of childcare. For a female-led company, the management cannot afford to lose precious human capital. To manage this problem, build an in-house daycare center.

All you will need for this is an empty room, a couple of toys, and a full-time nanny and/or employees willing to volunteer for the service, and preferably a reward.

By offering this benefit, you can increase productivity in the workplace, since your employees wouldn’t worry about putting their kids in a daycare or leaving them with nannies. It can also decrease workplace absenteeism since employees would be able to bond with their children at work.

Beauty/Self-Care Allowance

As the name suggests, this benefit involves giving a certain amount of money as allowance for materials, products and services related to beauty and self-care. Products targeted towards women consumers, are usually sold at bigger prices as compared to male grooming and targeted products.

Sadly, this is also the case with basic sanitary products. Due to this, a lot of women struggle on a daily basis to make ends meet and invest in themselves, while putting food on the table. A beauty/ self-care allowance, one that lets you pay the costs for cosmetics, spa, and salons, for your employees, can go a long way in creating a positive relationship with your female workforce. In addition, a credit card from a clothing store, such as a Gap credit card, can take care of their maternity clothing needs.

Maternity Allowance

Maternity leaves are regarded as basic human rights, and for good reason. Offering them is the bare minimum for any company worth its salt

Despite this, the concept of ‘maternity allowance’ isn’t very common. In its place, companies get away with providing maternity leave, which doesn’t take into account the amounts spent managing the baby. Even if you don’t count the related medical costs, childbirth itself can be expensive. Additional diapers and formula alone can put a major dent on your wallet. To manage this issue for your female employees, offer a certain amount as an overall maternity allowance to all new mothers for 3 to 6 months (depending on the decided budget).

Ideally, this should be given on top of the standard pay (which they should continue to receive during the maternity leave).

Conclusion

All in all, taking care of your female employees is a big must. Companies need to take the initiative and manage the needs of their female employees better. Even a female-led company can benefit from the aforementioned best employee benefits.