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Working parents, guardians or caregivers know the challenge of balancing the delicate balance between work and care responsibilities.
From paid parental leave to quality health care coverage and equal pay that covers child care costs, it has become a priority for workers to find an employer that recognizes that parents have special needs.
With no federal oversight of workplace benefits such as paid leave and caregiving policies, corporate leaders are being asked to take the lead.
CNBC partner Just Capital looked into policy disclosures at America's largest companies to find the best in the country to meet these needs.
“Americans are very clear about what they believe companies should prioritize: their workers,” said Allison Ommens, president of Just Capital.
Best companies for parents
Goldman Sachs, American Express, outdoor decker, Standard & Poor's Global And Splunk is the best company for parents in 2024, according to Just Capital research.
All five companies offer the following benefits: 20 or more weeks of paid parental leave for both primary and secondary caregivers; Equal parental leave for all caregivers; and subsidized backup care for its employees.
“What the pandemic has exposed and remains true today is that for working parents, especially mothers who are disproportionately caregivers, the key piece is their paid parental leave,” Ommens said.
S&P Global offers 26 weeks of paid parental leave policies. Company employees and couple, Lauren and Mario Washington, told CNBC that taking parental leave together after welcoming their second daughter in 2021 had a profound impact on the family dynamic and well-being.
“Those first weeks seem fleeting, but they have measurably strengthened the balance of our family and our relationship,” Lauren said. “Mario’s involvement has helped our eldest daughter adjust from being an only child to being a big sister and has helped me focus on caring for our newborn and my recovery.”
However, the HR profession has a different view regarding the impact of parental leave on a business. The most “direct cost,” according to the Society for Human Resource Management (SHRM), is an employee's pay over the number of weeks they are on leave. SHRM says employers already have salaries budgeted.
“Indirect costs” are lost productivity while an employee is on leave, temporary replacements and the cost of administering the paid leave program.
“Paid parental leave is an expensive proposition,” said Yvette Lee, HR knowledge consultant at SHRM. “But turnover of key talent may be more expensive.”
Investing in paid parental leave and similar policies could make sense in the long run, Lee said.
Many companies have taken measures to ensure equality in the workplace for all employees.
Deckers Outdoor is targeting gender parity in leadership positions by 2030, and Goldman Sachs has set a target for hiring women in both senior and entry-level management positions to reach 50% and 40%, respectively.
“We invest in our success as a company by investing in our people,” an S&P Global spokesperson said.
