After boosting paid parental leave during the pandemic, many companies are now cutting or reducing the benefit. Here's what future parents need to know.
This is a very, very expensive offering, particularly for small and medium-sized companies."This is a very, very expensive offering, particularly for small and medium-sized companies," said Johnny Taylor, Jr., president and CEO of the Society for Human Resource Management, explaining that some firms may pay wages for the employee on leave and a replacement at the same time.
However, as the labor market softens, "the game is changing a little bit," he said, and companies are cutting back on previously enhanced paid parental leave policies.Whether you're a current employee or weighing job offers, it's important to know the details of your company's parental leave policy if you're planning to grow your family, Taylor said.
"Oftentimes, the temptation is to take a job with the highest salary without factoring in things like their paid leave offering," he said. If you're interviewing, ask for an overview of the company's full benefits package, he suggested. While using vacation time for parental leave is another option, he urged future parents to weigh the pros and cons before depleting paid days off for the year.
"Nurturing a new baby is not a vacation," Taylor said. "If you spend all your vacation time doing that, you're going to burn out."
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