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Working parents, guardians or carers know the challenge of achieving the delicate balance between work and caring responsibilities.
From paid parental leave to quality health care coverage and equal pay that covers childcare costs, it has become a priority for workers to find an employer that recognizes that parents have specific needs.
Without federal oversight of workplace benefits such as paid leave and health care policies, corporate leaders are called upon to lead.
CNBC contributor Just Capital reviewed policy disclosures at America’s largest companies to find the best in the country to meet these needs.
“Americans are very clear about what they believe companies should prioritize: their employees,” said Alison Omens, president of Just Capital.
Top companies for parents
Goldman Sachs, American Express, Deckers 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 both primary and secondary caregivers. parental leave parity for all carers; and back-up subsidized dependent care for their employees.
“What the pandemic has revealed, and remains true today, is that for working parents, particularly mothers who provide a disproportionate amount of care, a key part is paid parental leave,” Omens said.
Courtesy: Lauren and Mario Washington
S&P Global offers 26-week paid parental leave policies. Company employees and married couple Lauren and Mario Washington told CNBC that taking parental leave together after welcoming their second daughter in 2021 had a profound effect on their family dynamic and well-being.
“These first few weeks seem fleeting, but they have tangibly strengthened the balance and relationship of our family,” Lauren said. “Mario’s involvement helped our oldest daughter adjust from being an only child to a big sister and helped me focus on caring for our newborn and my own recovery.”
The HR profession, however, has a different take on the impact of parental leave on businesses. The most “direct cost,” according to the Society for Human Resource Management (SHRM), is an employee’s pay during the number of weeks they are on leave. SHRM argues that employers already have wages factored into budgets.
“Indirect costs” are lost productivity during an employee’s leave, temporary replacement, and the cost of administering a paid leave program.
“Paid parental leave is an expensive proposition,” said Yvette Lee, HR Insights Consultant at SHRM. “But turnover of key talent can be even more costly.”
Lee said investing in paid parental leave and similar policies can make sense in the long run.
Many companies have put measures in place to ensure equality in the workplace for all employees.
Deckers Outdoor aims for gender equality in leadership positions by 2030 and Goldman Sachs has set a target for female hires in both entry-level and senior management positions to reach 50% and 40% respectively.
“We invest in our success as a company by investing in our people,” said a spokesperson for S&P Global.