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Working parents, guardians or carers know the challenges of striking a delicate balance between work and caring responsibilities.
From paid parental leave to quality health care insurance and equal pay that covers child care costs, finding employers that recognize the special needs of parents has become a top priority for workers.
With no federal oversight of workplace benefits like paid leave and caregiving policies, business leaders are being asked to provide leadership.
CNBC partner Just Capital took a closer look at policy revelations from America’s largest companies to find the policies that best meet the needs of these workers.
“Americans are very clear about what they think companies should prioritize: their employees,” said Alison Omens, president of Just Capital.
Top companies for parents
Goldman Sachs, American Express, Dex Outdoors, S&P Global Splunk and Splunk will be the most popular companies among parents by 2024, according to Just Capital research.
All five companies offer 20 weeks or more of paid parental leave for primary and secondary caregivers, equal parental leave for all caregivers, and back-up subsidized dependent care for their employees.
“The pandemic has revealed, and remains true today, that a critical component for working parents, especially mothers who disproportionately provide care, is their paid parental leave,” Omens said. “
S&P Global offers one of the longest paid parental leave policies, up to 26 weeks. Lauren and Mario Washington, a couple and company employees, told CNBC that taking parental leave together after welcoming their second daughter in 2021 had a profound impact on their family dynamic.
“The first few weeks may seem fleeting, but they really enhance our family’s balance and relationships,” says Lauren Washington. “Mario’s involvement helped our oldest daughter adjust from being an only child to a big sister and helped me focus on raising our newborn and my own recovery.”
However, within the staffing industry, there has been controversy over the cost of providing paid parental leave. According to the Society for Human Resource Management (SHRM), a more “direct cost” is employees’ salaries while on leave. SHRM assumes that employers already include payroll in their budgets.
“Indirect costs” are lost productivity while employees are on leave, temporary replacements, and the cost of administering the paid leave program.
“Paid parental leave is an expensive proposition,” said Yvette Lee, SHRM’s HR knowledge advisor. “But the movement of key talent can be even more costly.”
Lee said companies’ investments in paid parental leave and other parent policies may make sense in the long run.
Many of these companies are working to ensure fairness in the workplace for all employees.
Deckers Outdoor aims for gender parity in leadership positions by 2030, and Goldman Sachs has set recruitment targets for 50% and 40% of women in junior and senior management positions respectively.
“We invest in the success of our companies by investing in our people,” an S&P Global spokesperson said.
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