Employers Zero In on Paid Parental Leave

More employers are emphasizing paid parental leave, with the Society for Human Resource Management's (SHRM) annual benefits survey estimating that the number of companies offering paid parental leave grew significantly between 2016 and 2018, reports Employee Benefit News . The segment of employers offering paid maternity leave rose from 26 percent in 2016 to 35 percent in 2018, and paid paternity leave increased from 21 percent to 29 percent over the same period. Leave for adoption, foster children, and surrogacy also climbed in the last two years. "It's turning into a candidate-driven market, so employers are offering incredibly competitive benefits," says SHRM's Trent Burner. "Employees, particularly millennials, are calling out for unique benefits that help with work-life balance, and more employers are listening by increasing their paid parental leave programs." Burner notes such offerings are beneficial for companies, as they cost them less than healthcare benefits, and are in many cases more effective for a changing workforce. "Many organizations are watching this and seeing the trend, and we expect them to jump on board with expanding paid parental leave," he says. SHRM's poll of more than 3,500 HR professionals found that 34 percent of organizations boosted their benefits in the last year. Top reasons for this include employee retention, while consumer-directed healthcare plans, telecommuting, and company-organized fitness competitions/challenges are additional benefits that more employers are offering.