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August 2023 Volume 21, Number 8 | |||||
Parents Win Big: The Surprising Shift in 2023 Employee BenefitsThe modern business landscape is shifting, propelled by fundamental transformations in employee benefits, according to the 2023 Society for Human Resource Management (SHRM) Employee Benefits Survey. One of the highlights of this transformation is a significant surge in parental leave benefits, indicating that employers recognize the value of supporting their employees' family lives alongside their professional commitments. Parental Leave Programs Make Strides From last year, both paid maternity and paternity leave programs witnessed a 5-percentage-point surge. Now, according to the findings of the expansive survey involving 4,217 HR professionals across various industries and organization sizes, these benefits are offered by 40% and 32% of employers, respectively. Parallel to this, paid parental leave saw a 6-point leap, now being offered by approximately four out of ten employers. The Role of the Pandemic in Shaping Parental Leave Policies
The COVID-19 pandemic played a dramatic role in reshaping the structure and scope of employee benefits. The crisis highlighted the need for a more holistic approach to employee well-being, which has led to moving family leave and flexible work options from the periphery to the center of benefits discussions. Companies Pioneering Enhanced Parental Leave
Some organizations have emerged as leaders in this shift toward enhanced parental leave benefits. For example, the global media firm Thomson Reuters recently announced a generous 16-week paid parental leave program. This new benefit, available to all eligible employees regardless of gender, sexual orientation, or marital status, positions Thomson Reuters at the forefront of employee welfare. Employee Perspective on the Value of Parental Leave From the employee's viewpoint, paid parental leave is more than a benefit. It's a necessity. Recent surveys from insurance provider Unum and online insurance broker Breeze underscored this fact, revealing that workers value the availability of paid parental leave more than a variety of other benefits, including fitness, mental health benefits, vision insurance, or student loan repayment assistance. This prioritization highlights the incredible value of parental leave in employees' lives when they need it the most. Parental Leave: Looking Ahead Considering current trends and the emerging emphasis on work-life balance, parental leave programs are predicted to see even further enhancements and increased adoption. Expanding such benefits signifies a radical shift in employer attitudes toward employee welfare, with ripple effects that may reach well beyond the office walls. Other Evolving Trends in Employee Benefits
While parental leave takes center stage, it isn't the only player in the benefits game. Pet insurance, a comparatively unconventional benefit, is finding a footing, with nearly 1 in 5 employers now including it in their benefits package. |
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This Just In ... Four Strategies Radically Transforming Employee Well-Being Improving Employee Satisfaction by Moving Beyond Workplace Flexibility and Hybrid Schedules How to Motivate Employees to Seek Healthcare When Needed and Encourage Well-Being Parents Win Big: The Surprising Shift in 2023 Employee Benefits Should Employers Cover Employee Weight Loss Medications?
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