Fifth Third Bank Expands Paid Parental Leave, Offers New Moms Concierge Help (May 4, 2017)
By Alexander Coolidge, Cincinnati Enquirer
Fifth Third has launched a concierge service for pregnant women and new moms in an effort to retain female workers.
Women make up 60 percent of Fifth Third’s total almost 18,000-member workforce, but the bank has noticed a problem keeping them after they take maternity leave. Within one year after leave, new moms – torn between work and new family obligations – are twice as likely to quit as women in general.
This is a real problem for Fifth Third because it increases employee turnover and new hiring expenses. The bank estimates it has 250 women pregnant at any given time, or 600 women every year. Losing women also makes it difficult for the bank to advance women higher in the company. While 50 percent of low- and mid-level managers are female, women make up only 23 percent of the executive and senior ranks at Fifth Third.