Do you have staff going on parental leave? An interactive tool for managing your finances.
Parents who are having (or adopting) a baby are usually entitled to paid time off. Both mothers and fathers can qualify for paid parental leave. Which is excellent news as we strive for equality both at home and at work.
However, as a small business owner, having a member of staff go off on paid parental leave can pose many challenges. A time of joy for your staff can be a time of stress and anxiety for you as you not only have to pay parental leave salaries but also pay for maternity/paternity cover. This comes with significant cash flow challenges and cash flow forecasting and planning can be crucial at this stage.
I had the experience of needing to take maternity leave myself whilst having a staff member also on maternity. For a small business, that hit us really hard. A package like the HSBC’s parental support package would have indeed made a huge difference to me. The package is one that was developed as a result of work that Forward Ladies and HSBC did to understand the challenges small businesses were facing and how the bank could better support its small business clientele. You can read more about the package here and watch a video of its launch HERE.
This tool will help you assess the cash flow implications for your business so that you can plan ahead.
We were delighted to see our partner HSBC create an interactive parental leave tool to help you get a grip on your cash-flow and finances.
It’s a neat little tool. Try it out HERE.
Want to find out how to access the Forward Ladies dedicated parental leave support package?
Get in touch via HERE.