By the numbers
- 850,000 total employees
- 440,000 parents
- 1,244 U.S.-headquartered companies
With nearly 80% of employers reporting that supporting parents is a top benefits priority, “Parents at the Best Workplaces™ - The Largest-Ever Study of Working Parents”—released today by Maven and Great Place to Work®, the global authority on workplace culture—provides comprehensive, data-driven insights into how the Best Workplaces for Parents™ are supporting families.
We explore what sets companies apart and how companies are rising to countless challenges, from structuring fertility and childcare benefits to tackling burnout, driving equity and inclusion, rolling out innovative new solutions to address the needs of parents during the pandemic, and more. The report represents the sentiments of more than 850,000 employees, including 440,000 parents, across 1,244 U.S.-headquartered companies.
Want to learn more about what sets the Best Workplaces for Parents™ apart? Download the complete report here.
Here’s what Maven Founder and CEO, Kate Ryder, shared about this new data and what it means for employers:
"With two million women dropping out of the workforce so far this year, we've rolled back decades of progress on gender diversity—a reality that has massive implications for businesses for years to come. Employers need real, proven strategies and solutions, and they need them now. As this report makes clear, the best solutions are not perks—in fact, the pandemic has revealed how hollow much of that was. Instead, what stands out are real investments in stretched populations that help attract and retain diverse perspectives at all levels of a company, which is ultimately what drives innovation and growth.”
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.
Ready to get started with Maven?
See how Maven can support working families, retain talent, and reduce costs