Employers without paid caregiving leave risk losing talent, Prudential says
As more workers of all generations take on caregiving responsibilities, employers could risk losing their top talent if they don't offer paid caregiving benefits, according to a June 23 report from Prudential Financial.
In a survey, employees pointed to paid caregiving leave as a top benefit, yet only 52% of employers offer this type of paid time off.
'Caregiving isn't a niche issue — it's a workplace reality,' said Michael Estep, president of Prudential Group Insurance. 'Employees across every demographic are asking for paid leave, and employers who don't respond risk losing talent.'
In surveys of nearly 3,000 full-time employees and 750 employers in the U.S., employers most often offered paid leave programs for parental (89%), military (55%), caregiving (52%) and pregnancy loss (51%) reasons.
Although 63% of employers said they offer employer-paid leave programs, a third of employees said they needed to take a family or medical leave for at least four days but didn't. They cited barriers such as affordability, stigma, career advancement concerns and worries about passing on the workload to their co-workers.
Employers noted hesitations, too. While 69% said they recognize the positive impact of paid leave on business outcomes, they expressed concerns about policy abuse and said unpaid leave or short-term disability should meet employees' needs.
In the report, employees said they wanted to better understand their paid leave programs, and employers said they wanted better guidance on how to navigate state leave laws. Companies can address these concerns by listening to employee needs, explaining benefits with consistent and clear communication and consulting with brokers to address employee needs with state laws in mind, Prudential found.
'Embracing paid leave as an essential benefit that supports the well-being of caregivers in the workplace can be a powerful strategy to attract and retain talented workers, while also supporting them in ways that can boost satisfaction, loyalty and performance,' Estep said.
Half of moms in the 'sandwich generation,' who support both children and adult dependents, say they've left a job due to their caregiving responsibilities, according to a report from Motherly and the University of Phoenix Career Institute. Two-thirds also said their employer's benefits don't meet the needs of their adult caregiving responsibilities, and 68% said the same about child care.
As parental leave becomes more commonplace, more companies may look to improve their overall caregiving leave options, an absence and leave expert told HR Dive. Flexible work arrangements, in particular, could meet the needs of the sandwich generation, he said.
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