Prudential extends leave offerings for new parents
Prudential Financial has increased its 100 percent paid parental leave from four to 10 weeks, both for births and adoptions.
“Our expanded paid parental leave is about the inclusive, supportive culture we want to create for our employees, and our ability to attract and retain top talent," Prudential Chief Human Resources Officer Lucien Alziari said.
Birth mothers can now take a total of 16 weeks of paid leave, while new dads and adoptive parents can take a 10-week paid leave. In addition, all new parents can have an option to take a job-guaranteed, unpaid leave for an additional 16 weeks.
The increase in parental leave is in line with Prudential’s Expectant Parent Coach resource, courtesy of LifeCare. Moreover, Prudential paved the way in adding the number of lactation stations in its 24 offices across the U.S. to 54.
According to a survey conducted by the Bureau of Labor Statistics, “only 14 percent of private sector employees receive any paid time off during this… period.” Most new parents experience the dilemma of leaving their families at home in exchange for working to provide food on their tables after only a few weeks worth of parental leave, if they receive any at all.
Furthermore, a recent report from Boston College Center for Work and Family report mentioned that “fathers today… want to be active and engaged with their families,” and that “more than two out of three dads surveyed expressed a desire to be an equal parenting partner.”
“The desire to have it all, to be an ideal worker and a highly engaged parent, is an experience that many women have struggled with for decades,” the Boston College report said. “Thinking of these work-life struggles as being felt acutely by men is new.”
Prudential’s new leave policy is designed to reduce employee turnover and improve its employees' overall health and quality of family life. It is also an opportunity for employees who are new parents to take advantage of the company’s financial support.