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Working parents, guardians, and caregivers know the challenge of striking a delicate balance between work and caregiving responsibilities.
From paid parental leave to quality health insurance to equal pay that covers childcare costs, finding an employer that recognizes the special needs of parents is a priority for workers. It has become a matter of fact.
With no federal oversight of workplace benefits such as paid leave and long-term care policies, business leaders are being asked to take the initiative.
CNBC partner Just Capital examined the policy disclosures of America’s largest companies to find which companies in the country are best able to meet these needs.
“Americans have been very clear about what they think companies should prioritize: their employees,” said Alison Omens, president of Just Capital.
Top company for parents
goldman sachs, american express, deckers outdoor, S&P Global Splunk is the top company for parents in 2024, according to research from Just Capital.
All five companies offer the following benefits: Give both the primary caregiver and secondary caregiver her 20+ weeks of paid parental leave. Equal parental leave for all caregivers. We provide subsidies to support the care of employees’ dependents.
“What the pandemic has made clear, and what remains true, is that paid parental leave is key for working parents, especially mothers who are disproportionately providing care,” Oomens said.
By: Lauren Washington and Mario Washington
S&P Global offers 26 weeks of paid parental leave. Loren and Mario Washington, a married couple and employees of the company, told CNBC that taking parental leave together after welcoming their second daughter in 2021 had a huge impact on their family’s vitality and happiness. .
“The first few weeks seemed fleeting, but they visibly strengthened the balance and relationships in our family,” Lauren said. “Thanks to Mario’s involvement, my eldest daughter was able to adjust from being an only child to being an older sister, and I was able to focus on raising my newborn and my own recovery.”
However, human resources experts have different views on the impact of parental leave on business. According to the Society for Human Resource Management (SHRM), the larger “direct cost” is an employee’s salary for the number of weeks they are on vacation. SHRM argues that employers already factor salaries into their budgets.
“Indirect costs” include lost productivity while an employee is on leave, temporary replacement costs, and the cost of administering a paid leave program.
“Paid parental leave is an expensive proposition,” said Yvette Lee, HR knowledge advisor at SHRM. “However, turnover of key personnel can be even more costly.”
Lee said investing in paid parental leave and similar policies could make sense in the long run.
Many companies have introduced measures to ensure fairness in the workplace for all employees.
Decker’s Outdoor aims for gender parity in leadership positions by 2030, and Goldman Sachs has set recruitment targets for women in both entry-level and senior management roles at 50% and 40%, respectively. ing.
“When we invest in our people, we invest in our success as a company,” said an S&P Global spokesperson.
