From the Boston Consulting Group . . .
A growing number of companies are moving to provide paid family leave for their US employees—and they’re not all in industries you might expect. In addition to technology, financial services, and professional services firms, such organizations include food and beverage manufacturers, retail and food services companies, and even the US Department of Defense. And while paid family leave has traditionally been available only to birth mothers, companies are now making their policies much more expansive (covering all types of employees) and inclusive (covering all parents, all types of families, and a variety of personal events, such as the illness of a family member).
Why the shift? To answer this question BCG reviewed the policies of more than 250 companies and interviewed 25 HR leaders at large organizations. Our finding: employers see a solid business case for offering paid family leave, including benefits such as improved talent retention and attraction and their own ability to manage the costs of the program through thoughtful policy design.
- In the US—which does not have a federal paid family leave policy—employers are the key determinants of whether workers receive paid family leave.
- Although only 14 percent of the US workforce has access to employer-sponsored paid family leave, more and more employers are adopting such policies.
- Employers say there is a strong business case for offering paid family leave, pointing to significant benefits including improved talent retention.
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Source: BCG Perspectives from The Boston Consulting Group