The Small Business Maternity Plan

Disclaimer: the opinions expressed by the author of this article don't necessarily represent the opinions of NAWA as an organization.

On March 12, 2020, when no one was invited back to work or school for quite some time, the game changed.  The flow throughout the day of work and school was suddenly condensed to less than 2,300 (1) square feet on average.   The needs of families and working professionals changed.  What is it that women in the workplace need? 

When I think of this I pause.  So much attention has been given to the gender-pay gap (it’s real), diversity in leadership (yes, we are highly unrepresented).  But, would a 17% (2) boost in my salary and/or a c-suite position really give me what I need to thrive, at work and at home?  Would more money and more responsibility give me the work-life balance my sanity is begging for?  As a number-crunching mama of three school-aged children, my heart says no, no it will not.  Women in 2023 need the same thing women in 1823 and women in 1923 have needed, and that is SUPPORT.  To be heard.  To be included.  To be connected to life-saving mentors and allies that can help them navigate the path of motherhood and life. 

Larger companies are recognizing this.  Through job security (such as FMLA), nursing support, paid maternity leave, short-term disability to support pregnancy complications, flexible schedules, temporary part-time hours, and let’s not forget paid paternity leave, now that is support! 

But let’s talk small business.  Small business does not have the regulations for these kinds of benefits, and for good reason:  it would crush us!!  As an entrepreneur, I have essentially created these benefits for myself along the way because they are completely necessary in order to come out breathing on the other side of creating a human being. 

Job security – As actuaries, we know that if there is no guarantee, then there is risk exposure.  Having an emergency savings account (reserve, if you will) large enough to cover this gap where you may be unemployed will take that fear out of the equation. Amy Schultz, Money Coach and Co-Founder of Bolder Money, recommends 3-6 months of expenses, in addition to extra amounts needed to continue your current standard of living. (3)  

Time off – A new mother absolutely needs recovery time.  For me, this meant relaxing my marketing efforts prior to the birth and hiring temporary help from other consultants to relieve me of those project responsibilities for the time being. 

Flexible Schedule - A new baby’s day ebbs and flows through a 24-hour cycle, so unlike the 9-5 work day.  A new mother may not be able to commit to eight day-time hours at a time, but she can still be relevant, efficient and prioritize the work that is essential for her company to thrive on the baby’s schedule.   

Assistance – Paternity leave and extended paid maternity leave are amazing benefits to support families.  Having in-the-room support of the father and an extra set of hands when baby comes home is a great step in helping families thrive.  When this isn’t available, a new family still needs support.  This could be found a grandparent or help outside the family. 

This is where I want to expand.  A working mother needs support.  With only so many hours in a day, she needs to be able to prioritize what is important for her to participate in at work and at home and get assistance with the rest of it.  Maybe this is a house cleaner, or a nanny (did you know there are night nannies?)  I used College Nannies and Tutors.  This is essentially an Uber for nannies.  Picture this:  a vibrant 20-year-old shows up at your house with a Venti Starbucks iced coffee in their hand ready to play, while you head back to the office for a glorious uninterrupted five-hour block of work.  Nursing support?  No need to pump.  Everybody wins, even your child.  Or, say your children go to school and you go to the office.  The nanny shows up when school is out, full of energy, makes their snacks, does their homework with them, bathes them, and starts dinner. Voila, time to get off work. 

Get help with the tasks that CAN be outsourced:  car lines, lunch packing, chores, so you can be present for the things that matter: family meals, tucking them into bed, etc.   At work, maybe there is an intern just waiting to get their hands on the monthly reports.  Let them!  When a family takes on something so huge as creating another life, space needs to be made.  For me, the hardest thing besides BECOMING a parent was the continuous practice of letting go and asking for help.  Now, I know this costs money, but we need to prioritize our sanity!  Circling back to the gender wage gap, a 17% raise in income just might cover this. 

The need for support has not changed, just the way we get it.  To be heard, we must ask.  To be included, we need to be able to show up:  rested and supported. 

Meet Tamara

Tamara Wilt, ASA, MAAA is a Life and Health Consulting Actuary in Tampa Bay, FL. She graduated from the University of Nebraska – Lincoln with a bachelors degree in Actuarial Science in 2007 and obtained her Associateship with the Society of Actuaries in 2011. She started Actuarial Guidepoint, LLC in 2012.  She is passionate about her work, providing accurate and timely actuarial work while providing a high level of detail and thinking outside the box when it comes to creating solutions. Stepping in and filling a need for companies in transition, short term projects, or in need of specialized expertise.

End Notes

1 https://www.statista.com/statistics/456925/median-size-of-single-family-home-usa/

2 https://www.census.gov/library/stories/2022/03/what-is-the-gender-wage-gap-in-your-state.html

3 According to Amy Schultz, Money Coach, Co-Founder of Bolder Money, (and former Actuary!):  small business owners need to think about emergency funds for themselves and for the business. On the personal side, it’s important for everyone to have an emergency fund of 3-6 months of earnings (ideally in a high yield savings account) in the case of job loss or being unable to work due to personal or health reasons. I prefer to use earnings instead of expenses as a guide so that your lifestyle and ability to invest don’t have to take a huge hit in the event of a loss of income. Likewise, small business owners should also have a business emergency fund of 3-6 months of all business and personal expenses plus standard of living, that can be used in the case of an unexpected downturn (like a pandemic).