Top 10 stories from this week: extended statutory paternity leave and pay is essential
Claire McCartney, senior policy adviser at the CIPD told Employee Benefits that if implemented, it could help balance caring responsibilities and improve the gender pay gap.
If employers stood in solidarity with working parents and supported the call for an extension to be passed on statutory paternity leave and pay, it would communicate a commitment to improving diversity, equity & inclusion (DEI). Additionally, supporting working parents has never been more essential, the benefits of which were highlighted in REBA’s DEI report.
The REBA report, in association with Peppy, found that enhanced parental leave came third in the top five most effective benefits for supporting DEI, while paid parental/carers leave came first. Additionally, 26% of organisations are planning to introduce early parenthood support and draw more of their focus to family-based benefits.
Organisations that want to stay ahead of the benefits curve and attract more talent into the fold don't need to wait for statutory provisions to be implemented, and could choose to offer contractual parentity leave and pay above the minimum. should be watching the developments of this like a hawk, especially if they have a high population of working parents. It could be the difference between talent remaining in the workforce or reluctantly, perhaps even through financial necessity, choosing to leave.
For more reward and employee benefits news you might have missed this week, read our top 10 snippets below.
Half of employers support the extension of statutory paternity leave
Employee Benefits Almost half (46%) of UK organisations said they support extending statutory paternity or partner leave and pay. Read more
Attracting and retaining the Gen Z and Gen X workforce
HR News Attracting and retaining a Gen Z and Gen X workforce is simple, you need four key ingredients. Read more
Majority of employees believe their company is a good place to work, study finds
People Management ‘Friendly people’ cited as top reason by two in five, with experts highlighting that employers should not underestimate the importance of relationships between colleagues. Read more
Salary inflation shows no sign of stopping
HR News The recruitment market is booming, and experienced candidates are in the driving seat, forcing the hand of employers and pushing salary inflation to eye-watering levels. Read more
Gen X undersaving feeds potential retirement crisis
Corporate Advisor Generation X are at risk of falling behind in their finances as they undersave for retirement, according to B&CE. Read more
Majority of women wish their workplace was better set up for menopause, study finds
People Management But poll also reveals only a third of men have ever had a conversation about the issue, either in or out of work. Read more
Cost-of-living contribution cutbacks could reduce pensions by a quarter
HR News Modelling from independent consultancy Broadstone demonstrates the immense financial damage to retirement savings that could be done if pension savers reduce their contributions. Read more
UK workers forced to rethink retirement plans
HR Magazine UK workers are having to work for longer before retirement due to the increased state pension age, while receiving less money from their pensions than they would need to retire comfortably. Read more
Four in five large businesses plan to help staff with cost of living, research shows
People Management While some experts are calling for creative and sensitive employer responses, others say the government needs to step in. Read more