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V O L . X X I I N O. X I H E A LT H Y B U S I N E S S 18 N onprofi t organizations like the Island Institute are not exempt from the pressures of the bottom line. In fact, we are just as mindful of bud- gets as for-profi t businesses because we are funded by fi nite sources — grants and donations — and can't count on an uptick in sales to provide a cushion. But despite fi scal constraints — or maybe in part because of them — the Island Institute recently adopted a new policy for our employees. Beginning this month, we will give our staff 12 weeks of paid parental leave. at's right — if a woman who works with us is having a baby, she can expect three months off with full pay, to nurture and bond with her child. And if the spouse or domestic partner of an employee is giving birth, that employee can also enjoy 12 weeks with pay to stay home and engage fully in caring for the new arrival. is policy refl ects our workplace principles of mutual trust, support, courtesy and respect. Yes, adding this benefi t for our staff of 50-plus comes with real fi scal and human-resource costs. Other staff members may have to pick up the slack where needed. But we believe it's a progressive and compassionate person- nel policy as well as a sound manage- ment move. Increasingly, the men and women who work at the Island Institute — where we work to sustain Maine's island and remote coastal communities — are of the millennial generation, born between 1982 and 2000. is younger cohort is critical to Maine's economy and absolutely essential to our ongoing success. A recent study by the Society of Human Resources Management found that millennials will comprise 75% of the U.S. workforce by 2025. ey are starting to have children, and a recent Ernst & Young survey concluded that this generation is almost twice as likely as the baby boomers to work full-time and to have a spouse or part- ner who also works full-time. Millennials seek balance in their lives. ey want to work at challenging and rewarding careers, contributing to the greater good of the society they are shaping — and we believe the Island Institute's mission provides those oppor- tunities. But they also want to have the time and energy to enjoy the phenome- nal recreational opportunities that life in Maine off ers. ey want time to exercise and relax for optimum health. ey want to forge strong bonds outside the offi ce with friends. And, when the time comes, they want to have successful, healthy family lives. e Island Institute may be among the fi rst nonprofi t organizations in Maine to off er a 12-week paid parental leave — if not the fi rst — and we are proud to lead in this way. But we'd be even more proud and pleased if others followed us in taking this step. By encouraging the building of strong family bonds, the benefi t extends beyond the employee to our world. And, by responding to the fi nancial and social needs of those of child-rearing age, the benefi t bounces back to our organiza- tion. According to the U.S. Department of Labor, "Paid maternity leave increases worker retention and reduces turnover, saving businesses signifi cant costs associ- ated with replacing employees." e recession years have left many believing that jobs are in short supply, and in some fi elds, this is still so. But Maine faces some very real workforce shortages. Tailoring compensation and benefi ts to the upcoming generation will help grow the pool of skilled, educated young people who may be more likely to stay and put down roots in Maine. And who knows — maybe the babies being born today will come to work for us 25 years from now. R S is pr esident of the Island Institute, a nonprofi t b a s e d i n R o c k l a n d . H e c a n b e r e a c h e d a t @ . B Y R O B S N Y D E R Why the Island Institute decided to offer a 12-week paid parental leave C O M M E N TA RY The Institute for Family-Owned Business is a 501(c)(3) non-profit organization that provides unique knowledge, resources and networking opportunities that enable Maine's business-owning families to prosper and achieve their fullest potential. The Institute assists firms through seminars, workshops, networking. The website also carries information about the Institute's programs and membership. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Special Thanks to our Event Sponsors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . In partnership with Verrill Dana, LLP, Attorneys at Law Be there as we announce our 2016 honorees, and hear from prominent Maine family business leaders who will share the innovative, effective, and sometimes unconventional ways the y 've learned to navigate " the family element." Purchase your tickets and vie w our 2016 finalists at w w w.fambusiness.org. MADDY CORSON Celebrate Family Business Gregg Lagerquist WGME 13 Your Host Tom Chappell, Ramblers Way Founder of Tom's of Maine Eliza Chappell Ramblers Way G u e s t S p e a k e r s : Join Verrill Dana and the Institute for Family-Owned Business for the 17th Annual Maine Family Business Awards at the Holiday Inn by the Bay, Portland, ME 5:30 p.m. Purchase tickets ($95.00) & tables by May 27th at www.fambusiness.org or call Catherine Wygant Fossett at 207.798.2667 Come See Why Brewer Means Business. Your Business. See What We're All About Contact D'arcy Main-Boyington Economic Development Director ) dmain-boyington@brewermaine.gov % 207-989-7500 W W W . B R E W E R M A I N E . G O V / B I Z Millennials are critical Millennials are critical Millennials are critical Millennials are critical Millennials are critical Millennials are critical Millennials are critical Millennials are critical Millennials are critical to Maine's economy to Maine's economy to Maine's economy to Maine's economy to Maine's economy to Maine's economy to Maine's economy to Maine's economy to Maine's economy to Maine's economy to Maine's economy to Maine's economy to Maine's economy and absolutely essential to our ongoing success. A recent study by the Society of Human Resources Management found that millennials will comprise 75% of the U.S. workforce by 2025. They are starting to have children.

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