The dual-income family is quickly becoming the norm in the United States. With modern parenthood looking a lot different than it did just a couple of decades ago, many companies are starting to offer unique perks for working parents that never would have existed back then.
Given that nearly half of American households with children under the age of 18 have two parents who work full-time, this is a trend that more employers need to get on board with. And quickly. To better balance their careers with the needs of their families, these professionals need more support from the companies they are working so hard for.
With hiring on the rise, employees are also in the position to be more vocal about the benefits they want. They not only have more opportunities to choose from but their access to various job search resources allows them to survey company benefits before they even apply to a job. In fact, research from Care@Work found that 83% of millennials would leave their job for one with better family care benefits. Since this generation is poised to make up 75% of the workplace by 2025, companies that are not able (or willing) to adapt to their evolving needs will lose their top talent as a result.
Making your company a family-friendly workplace doesn’t only benefit employees. It’s also good for business. 91% of respondents to our 2020 Hiring Outlook survey said that they make an active effort to maintain a healthy work-life balance, while other studies have shown that working parents make more productive and loyal employees.
Helping your employees on the home front is a great way to foster a supportive and inclusive culture at your organization. If you are not sure of where to start, here are some unique parental benefits from companies leading the way:
Paid Parental Leave
One of the benefits that has seen significant growth over the last few years is paid leave for both parents. Several notable companies such as Netflix, Twitter, and Microsoft have recently rolled out these policies to ease the financial burden as new moms and dads transition to parenthood.
Some companies are making childcare less stressful and expensive for their employees by offering on-site childcare or partnerships with nearby facilities. For example, Nike has an entire child development team at their headquarters, while Home Depot offers 10 days per year of highly discounted dependent care for parents who need to work when their regular caregiver is unavailable.
To retain employees that are starting families, EY, Deloitte, Proskauer Rose, and other professional services firms are offering family coaching programs. These initiatives connect employees with the resources they need to manage their responsibilities and succeed as working parents.
A growing number of companies including GE and HubSpot are implementing unlimited vacation policies. While unlimited PTO is applicable to all employees, it affords parents more flexibility to care for sick kids, make the parent-teacher conference, and take kids to their doctor appointments.
Recognizing that a traditional 9-5 workday is not always conducive to a parent’s schedule, many big-name companies like Resy and Squarespace are adopting more flexible scheduling policies. From remote work days to compressed work weeks, this can help you create an environment that focuses on results, not hours. This will help assure working parents that they will not miss out on a raise or promotion because they needed to step away from the office. Read also: Workplace Flexibility: A Key Tactic For Employee Retention