Have you considered a Returner Program for your business? MomSource team member, Lynette Russell, explains the benefits of these programs and how MomSource can help you implement a Returner Program for your business.
Returner Programs were on the rise in 2017. With gender diversity being a strong objective for many businesses, this has become a creative and financially effective way to bring women back to the workforce mid-career. The benefits to the company are impressive and the return on investment greatly outweighs the risk.
Research from the Center for Talent Innovation found that nearly nine out of 10 highly qualified women who left their jobs voluntarily for an average of 2.7 years wanted to return, but only 40% were able to find full-time, mainstream work. Lack of opportunity—rather than lack of ambition—is sometimes at play among women who’ve exited the workforce and want to come back.
Return programs, A.K.A. “returnships”, “on-ramping”, etc. is a great way to bridge the gap. They often include paid internships or contract work, mentors and or other personal support, opportunities to sharpen skills and industry knowledge, gain new competencies and more. In the same way that an internship offers a guided period of exploration, these programs provide individuals with an opportunity to transition back into the workplace in a structured and supportive manner. There are hundreds of companies investing in such programs after recognizing that not everyone has a traditional career path. Goldman Sachs, Deloitte, Apple, PayPal are just a few large companies utilizing returner programs. Although, the concept works in smaller environments as well.
The success of these programs have shown that it benefits businesses AND employees. Not only do you gain access to a new pool of candidates, they are high quality candidates. 75% of the women have advanced degrees and 75% have worked for at least 10 years before taking an intentional break. (HBR: “40 Year Old Intern”). Additionally, their maturity and experience are assets not often found in younger recruits. The ROI for these programs is high due to the retention of the candidates. A variety of reports show 80-85% of the candidates were employed after going through these programs. Increased employee morale and gender diversity in leadership have also been reported.
As the workforce evolves, innovative practices are critical. Understanding the research that supports change is crucial to selecting the right programs to move your business forward. Let MomSource Network grow with you!