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Working parents, guardians or carers know the challenge of finding the difficult balance between work and care responsibilities.
From paid parental leave to quality health insurance and equal pay to cover childcare costs, finding an employer that takes parents’ unique needs into account has become a priority for employees.
With no federal oversight of workplace benefits like paid leave and care, business leaders are being asked to take the lead.
CNBC partner Just Capital looked at the policy disclosures of America’s largest companies to find the best companies in the country that meet these requirements.
“Americans are very clear about what they believe companies should prioritize: their workers,” said Alison Omens, president of Just Capital.
Top Companies for Parents
Goldman Sachs, American Express, Decker’s Outdoor, S&P Global and Splunk are the top companies for parents in 2024, according to Just Capital research.
All five companies offer the following benefits: 20 or more weeks of paid parental leave for primary and secondary caregivers; Equality of parental leave for all carers; and support subsidized care for their employees.
“What the pandemic brought to light, and remains true today, is that for working parents, especially mothers who provide a disproportionate amount of care, paid parental leave is an important part,” Omens said.
Courtesy: Lauren and Mario Washington
S&P Global offers 26 weeks of paid parental leave. Company employees and couple Lauren and Mario Washington told CNBC that shared parental leave had a profound impact on their family’s dynamics and well-being after the birth of their second daughter in 2021.
“These first few weeks seem fleeting, but they have noticeably improved our family’s balance and relationship,” Lauren said. “Mario’s dedication helped our oldest daughter grow from an only child to a big sister and helped me focus on caring for our newborn and my own recovery.”
However, HR has a different perspective on the impact of parental leave on business. The more “direct cost,” according to the Society for Human Resource Management (SHRM), is an employee’s salary over the number of weeks of vacation. SHRM argues that employers’ salaries are already accounted for in their budgets.
The “indirect costs” are the loss of productivity while an employee is on leave, temporary replacement and costs of administering a paid leave program.
“Paid parental leave is an expensive proposition,” said Yvette Lee, HR knowledge consultant at SHRM. “But turnover of key talent can be even more costly.”
Lee said investing in paid parental leave and similar measures could make sense in the long run.
Many companies have introduced measures to ensure equal opportunities in the workplace for all employees.
Deckers Outdoor is aiming for gender parity in leadership positions by 2030, and Goldman Sachs has set a hiring target of 50% and 40% for hiring women in entry-level and leadership roles, respectively.
“We invest in our success as a company by investing in our people,” said an S&P Global spokesperson.
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2024-05-10 22:04:14
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