Paid family leave ranks as most coveted work perk, Unum finds
CHATTANOOGA, Tenn.--(BUSINESS WIRE)--Aug 9, 2018--Employee benefits provider Unum (NYSE: UNM) finds the majority of workers (58 percent) want paid family leave from their employers, including nearly two-thirds (64 percent) of millennials. In an online poll of 1,227 working U.S. adults conducted last month, paid family leave outranks other popular perks*, like flexible and remote working options (55 percent), sabbatical leave (38 percent), student loan repayment assistance (35 percent), pet-friendly offices (15 percent), and pet insurance (15 percent).
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Unum explores the most coveted work perks among U.S. workers and Millennials. Results show paid family leave tops the list over other popular perks. (Graphic: Business Wire)
“It’s not surprising that paid family leave is the most coveted work perk, even for millennials,” said Michelle Jackson, AVP of Regional Market Development at Unum. “Our recent Caring Report explored the strain of balancing caring and professional responsibilities across all generations in the workforce. Research also suggests that a generous leave policy can lead to higher levels of employee engagement and a competitive edge to recruit and retain top talent.”
Paid family leave includes time away from work to help new moms and dads bond with children, as well as time off to care for aging adult family members. While not mandated on a federal level, several U.S. states and municipalities have implemented variations of paid family leave laws to ensure employees have adequate time off for caring responsibilities.
According to WorldatWork, 88 percent of companies think they need to offer paid family leave to be competitive, yet a 2017 Pew Research Center survey found access to paid family leave varies widely across employers and industries.
While most employers want to support working caregivers, balancing the wide range of federal, state and even local leave policies can be confusing and complicated. Unum has created a variety of resources for both employers and employees at a new, dedicated site, which can be found here.
The company also offers LeaveLogic to its employer customers, which streamlines the leave process for employers and their employees across federal, state, and local regulations and company policies.
*For the purpose of this study, work perks are defined as non-insurance or retirement benefits. Consumers were asked to rank the following work perks in order of preferences: paid family leave, flexible/remote work options, professional development, sabbatical leave, gym membership or onsite fitness center, student loan repayment, onsite healthy snacks, ID theft protection, financial planning resources, fitness goal incentives, public transit assistance, pet-friendly offices, pet insurance, health coaching, and dedicated volunteer hours. Participants could vote for their top five choices.
Unum Group ( www.unum.com ) is a leading provider of financial protection benefits in the United States and the United Kingdom. Its primary businesses are Unum US, Colonial Life, and Unum UK. Unum’s portfolio includes disability, life, accident and critical illness, dental and vision coverage, which help protect millions of working people and their families in the event of an illness or injury. Unum also provides stop-loss coverage to help self-insured employers protect against unanticipated medical costs. The company reported revenues of $11.3 billion in 2017 and provided nearly $7 billion in benefits.
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CONTACT: Unum Group
Kelly Spencer, 423-294-4508
Toll free: 866-850-8686
KEYWORD: UNITED STATES NORTH AMERICA TENNESSEE
INDUSTRY KEYWORD: WOMEN PROFESSIONAL SERVICES HUMAN RESOURCES INSURANCE CONSUMER FAMILY MEN
SOURCE: Unum Group
Copyright Business Wire 2018.
PUB: 08/09/2018 03:10 PM/DISC: 08/09/2018 03:10 PM