New parents in five US States now have access to a comprehensive paid parental leave thanks to a new insurance industry-backed parental leave programme.
Boost Insurance has partnered with Parento to create a new programme that makes it affordable for companies to give new moms and dads the pay and support they need to adjust to life as working parents.
Parento is the only US private sector provider dedicated to expanding paid maternity and paternity leave. The co-created insurance will help companies offer one of the most demanded policies to their workforce and keep valued employees on staff.
Parento offers turnkey and custom solutions with coverage for any size company, ranging from 25 to 10,000 employees – and is now available in Texas, Illinois, Arizona, Colorado and Virginia.
“Data shows that more than a third of women quit their jobs after having a child if they don’t have paid parental leave, and too many companies that do offer parental leave programmes are out of compliance with regulations by failing to offer leave to fathers too,” said Dirk Doebler, Parento’s founder and CEO.
“Our parental leave program gives new parents the resources and guidance they need to make the transition successfully while reducing companies’ legal exposure and providing one of the most powerful employee retention tools.”
Paid parental leave
Whether through birth, adoption or foster care, adding a new family member is one of the most important and yet common life events. But less than 20% of US employees have access to paid parental leave, and the median length of that leave is only three weeks.
Companies understand the value of parental leave, but until now, there was nothing available to help them offer it, and many businesses lack the administrative capacity and financial resources to manage a program.
Parento addresses each of these challenges. Available as one of the insurances employers can request through their broker, as an entirely new category.
Employers can offer from six to 16 weeks of paid parental leave in standard or customisable packages with one-on-one support for current and new parents. Employees receive coaching that helps them with the transition and eases their return to work or manage the day-to-day challenges of working while parenting.
“The COVID-19 crisis was a wake-up call for many employers, who now realise that the policies and programmes they offer don’t address the daily challenges working parents face,” Doebler observed. “A well-designed parental leave programme can increase employee tenure by up to 15%, and Parento’s holistic approach addresses the financial, emotional and logistical challenges parents face when returning to work, which can decrease new parent attrition by more than 75% in the first year.”
Parento can help companies advance workplace equality goals by giving new parents tools to keep their careers on track while bonding with a new family member. Doebler notes that it’s impossible to achieve workplace gender equality without addressing one of the main obstacles: lack of paid parental leave and inadequate support. He also noted that new fathers are unlawfully left out of some companies’ parental leave programmes, and recent court cases established precedent against unequal treatment.
“As a society, we discuss the need for paid parental leave regularly, but private market solutions to enable it didn’t exist until now,” Doebler said.
“We’re excited to provide companies with the tools they need to expand access to parental leave. We’re proud to work with Boost Insurance, which was instrumental in helping us create a completely new insurance to solve this massive societal issue. Without their vision and expertise, our insurance and program couldn’t exist.”