If your company has a crummy or non-existent parental leave policy, a new provider is ready to change that.
Parento, Inc. is the only private sector provider focused on helping companies expand paid paternity and maternity leave programs. Through Boost Insurance, Parento is able to offer companies affordable plans to help new parents adjust to life at home.
In 2019, only 19 percent of US employees had access to paid family leave, and the average length of leave was three weeks. While many employees who don’t have paid leave are able to take unpaid parental leave through FMLA, unpaid leave doesn’t help parents who need the money while they take care of their newborn. Further, paid family leave has been proven to be beneficial to parents, babies and employers.
To close the gap between those with paid and unpaid leave, Parento’s tax-advantaged policies range from 6 to 16 weeks of leave at 50 to 100 percent of salary, with standard packages of 8, 10, and 12 weeks at 75 percent of salary. There are also customizable packages with 1-on-1 support for current and new parents where employees receive coaching that helps them transition back to work or manage the day-to-day challenges of working while parenting. All plans are fully covered by employers, and they must cover all full-time employees. Parento is now available to companies ranging from 25 to 10,000 employees in Texas, Illinois, Arizona, Colorado and Virginia with plans of expanding to more states soon.
Through Parento’s case studies with Adobe, EY—both named 2020 Working Mother 100 Best Companies—and more, it found that a well-designed parental leave program can increase employee tenure by up to 15 percent, while Parento’s approach addresses the financial, emotional and logistical challenges parents face when returning to work, which can decrease new parent attrition by over 75 percent in the first year.
The COVID-19 pandemic has highlighted the necessity of paid family leave in the US, which can act as a lifeline to caregiving employees at times of crises. As parents adjusted to life at home with kids and no childcare, companies like Microsoft and Google expanded their paid leave programs to help families who needed time off to take care of ailing or rambunctious family members.
Paid family leave truly is the benefit that benefits us all, and it’s time more employers get with the program and offer parents the time and money they need to be better parents and employees. Until there’s a federal paid family leave program, private companies must pick up the slack. To get your company set up with Parento, learn more here.