Many employers are considering more investments in leave and paid time-off programs as part of their larger recruitment and retention strategies, new survey findings show.
Willis Towers Watson surveyed 517 U.S. employers last fall on whether they planned to make changes to their leave, disability and time-off programs over the next two years. The majority of employers (84%) indicated they are planning to invest more in these offerings, pointing to recruitment, retention and enhanced employee experience as the main drivers for considering changes.
"The leave landscape is evolving at a rapid pace due to social, political and regulatory changes," Alex Henry, group benefits leader at WTF, said in a news release. "Employers need to adapt to remain competitive, and offering a generous leave program can be a real differentiator for attraction and retention."
The survey included both small and large employers. The 517 employers comprise nearly 8 million employees.
Five findings:
- The majority of employers offer paid parental leave already: 86% provide maternity leave, 82% paternity leave, and 82% adoption leave. Of companies that do offer paid parental leave, nearly 1 in 5 said they planned to increase the value of current programs within the next two years.
- Nearly all employers reported having a bereavement leave policy beyond what is required by state laws. About a quarter said they intend to enhance their current offering. Of this group, half said they plan to expand the reasons covered and enhance the benefit/duration.
- About 25% of companies said they have a paid caregiver leave policy in place, with an additional 22% planning to provide one over the next two years.
- Twelve percent of employers reported having unlimited PTO programs in place, with 16% saying they anticipate adopting the policy in the next two years. This policy is more prevalent among directors and executives: 31% of companies say they offer roles at this level unlimited PTO today, with an additional 9% considering doing so.
- Among respondents that don't offer or don't plan to offer unlimited PTO, nearly a quarter have changed the number of days offered. About the same proportion, 22%, said they are planning to do so.