Top Companies Leading Workplace Benefits for Parents: Paid Leave, Equality, and Family Dynamics

Working parents, guardians, and caretakers face the challenge of striking a delicate balance between work and care responsibilities. To cater to the needs of such individuals, many companies provide benefits such as paid parental leave, quality healthcare coverage, and equal pay covering childcare costs. With no federal oversight of workplace benefits like paid leave and caregiving policies, corporations are being called upon to lead the way. According to research by CNBC partner Just Capital, the top companies for parents in 2024 include Goldman Sachs, American Express, Deckers Outdoor, S&P Global, and Splunk. These organizations offer extended periods of paid parental leave of 20 weeks or more for both primary and secondary caregivers, parity for all caregivers in terms of leave, and backup subsidized dependent care services for their employees. For married couple and employees Lauren and Mario Washington, taking parental leave together after welcoming their second daughter in 2021 resulted in a significant improvement in their family dynamics. However, some debate exists regarding the cost of providing paid parental leave, with the direct expense being the salary lost while on leave, according to the Society for Human Resource Management (SHRM). Indirect expenses include reduced productivity during leave, temporary replacements, and administering the program. Nonetheless, some experts argue that the investment in paid parental leave and other policies for parents may make financial sense in the long run, as employee turnover can be costly. Many of these companies also aim to ensure equality in the workplace for all employees, such as Deckers Outdoor’s goal of achieving gender parity in leadership roles by 2030, and Goldman Sachs’ aim to hire women in both entry-level and senior management positions at a rate of 50% and 40%, respectively. As stated by a spokesperson for S&P Global, “we invest in our success as a company by investing in our people.”