Working parents face the challenge of balancing their work responsibilities with their caregiving duties. Recognizing this, workers are now seeking employers who prioritize their specific needs, such as paid parental leave, quality healthcare coverage, and equal pay that covers childcare costs. Without federal oversight of workplace benefits like paid leave and caregiving policies, it is up to corporate leaders to take the lead in addressing these needs.
Just Capital, in partnership with CNBC, conducted research on policy disclosures at America’s largest companies to identify the best companies in meeting these needs for parents. The top companies for parents in 2024 were found to be Goldman Sachs, American Express, Deckers Outdoor, S&P Global, and Splunk. These companies all offer significant benefits, including 20 or more weeks of paid parental leave for both primary and secondary caregivers, parental leave parity for all caregivers, and subsidized backup dependent care for their employees.
Paid parental leave has proven to be crucial for working parents, particularly mothers who often provide caregiving duties. The pandemic has highlighted the importance of paid leave for parents. S&P Global, for instance, offers a generous paid parental leave policy of 26 weeks. Employees at the company, such as Lauren and Mario Washington, shared how taking parental leave together after welcoming their second daughter had a profound impact on their family’s well-being. Mario’s involvement helped their oldest daughter adjust to being a big sister, while Lauren could focus on nurturing their newborn and her own recovery.
While there are concerns about the cost of paid parental leave for employers, the Society for Human Resource Management (SHRM) argues that turnover of key talent may be even more costly. Yvette Lee, an HR knowledge advisor at SHRM, suggests that the investment in paid parental leave and similar policies can make sense in the long run. Companies should consider not only the direct costs of paying employees during their leave but also the indirect costs associated with temporary replacements and administering the program.
Many companies are also taking steps to ensure equity in the workplace for all employees. Deckers Outdoor aims to achieve gender parity in leadership positions by 2030, while Goldman Sachs has set hiring goals for women in both entry-level and senior management positions. These companies recognize that investing in their employees ultimately leads to their success as a company.
In conclusion, companies that prioritize the needs of working parents by offering benefits like paid parental leave and childcare support are viewed favorably by workers. The top companies for parents in 2024, according to Just Capital’s research, include Goldman Sachs, American Express, Deckers Outdoor, S&P Global, and Splunk. While there may be concerns about the cost of these benefits, the long-term benefits of retaining key talent and promoting a more equitable workplace outweigh the short-term expenses. By investing in their employees, companies can foster a supportive and balanced work environment.
