Insights from the Best Workplaces: Introducing the largest-ever study of working parents

Here are our four key takeaways from the report:

1. Investing in working parents is better for business: 5.5x better for your bottom line, that is. Companies that invest in employees and their families see 5.5 times more revenue growth thanks to greater innovation, higher talent retention, and increased productivity.‍

2. Supporting parents should be core to companies’ Diversity, Equity & Inclusion strategies—yet we often talk about these two priorities separately. Underrepresented groups are more likely to be working parents, and they’re more likely to experience burnout—33% of Black mothers are experiencing burnout, in comparison to 25% of White mothers and 21% of White fathers.‍

3. Paid parental leave doesn’t just help growing families—it helps close the wage gap and allows parents to bring their best selves back to work. Working mothers lose nearly a month of income on average when supplementing their allotted maternity leave, adding a financial burden to the physical and emotional challenges new parents face. Companies with generous leave policies see both mothers and fathers taking more time—ensuring women don’t leave money on the table and that caregiving is a family affair. Working fathers need more time and support to take leave—they are only taking 30-50% of the leave offered. ‍

4. Benefits shouldn’t start or stop with baby. The best companies are thinking beyond parental leave to support employees throughout the entire journey of planning and raising a family. The Best Workplaces are investing in benefits that provide continuous care and holistic support for parents at every stage of the journey: 

• More than 8 in 10 (81%) of Best Workplaces are providing reimbursement for fertility treatments, and over the past three years, nearly half have increased their coverage.
• The Best Workplaces are also offering benefits like telemedicine for pregnant and postpartum families (49% of Best Workplaces), return-to-work career coaching (48% of Best Workplaces), and breast milk shipping (52% of Best Workplaces). 
• They are supporting their parents' childcare needs by helping them find childcare (78% of Best Workplaces) or backup childcare (56% of Best Workplaces) and offering parent ERGs (61% of Best Workplaces). 
  

This new report is part of a multi-year partnership between Maven and Great Place to Work, combining Maven’s leadership in family benefits and Great Place to Work’s authority on culture to empower businesses to build data-driven strategies to support their employees. Parents at the Best Workplaces™ - The Largest-Ever Study of Working Parents also coincides with the launch of Great Place to Work’s annual Best Workplaces for Parents™ list, celebrating the 100 companies whose support for parents has stood out during an unprecedented year for parents.

Want to get the latest data to make the business case for supporting parents at your company? Download our new report now.