Professional services giant Deloitte is taking a page from the Silicon Valley tech playbook by offering a very impressive benefits package. The NYC helmed company is now offering 16-weeks paid leave for all caregiving, including eldercare.
This is huge news as it’s one of the biggest companies to recognize the impact that eldercare and caring for aging parents is having on the Baby Boomer generation. With approximately 80,000 employees, Deloitte is making a clear move to distinguish itself in the marketplace.
Fortune magazine called the move “the latest in the paid leave arms race”―a battle to attract and retain the best talent by offering a package that reflects workers’ needs more accurately. In fact, nearly four in five (79 percent) U.S. employees report they would prefer new or additional benefits or perks over a pay increase.
“This is about being more inclusive,” says Deloitte CEO Cathy Engelbert. “As we think about innovation in talent, we think about well-being—well-being being the big focus of ours—it goes way beyond the things you traditionally think,” she says. “We really want to be known as an innovative talent organization.”
Earlier this year, Glassdoor Economic Research revealed the United States is the least generous when it comes to providing workers with social workplace benefits and paid time off, compared to European countries. The report titled Which Countries in Europe Offer Fairest Paid Leave and Unemployment Benefits? ranks 14 European countries and the United States, based on six key measures: paid maternity leave, paid paternity leave, general parental leave, paid holiday allowances, paid sick leave and unemployment benefits.
Back in 1993, the federal government took an important first step to support working caregivers through the Family and Medical Leave Act (FMLA). The FMLA provides employees up to 12 weeks of unpaid leave per year for the birth or adoption of a child, or to care for themselves or a sick family member (spouse, child, or parent) without losing their jobs or health care insurance. An estimated 50 million workers have taken advantage of the FMLA since its inception in 1993. However, the program’s coverage is limited to about one-half of all workers because many employees work for exempt organizations that employ fewer than 50 people.