Bain & Company extends paid parental leave
Bain & Company has extended its paid parental leave to 21 weeks, as consulting firms continue to enhance their compensation and benefits packages to compete for scarce talent.
The Boston-headquartered management consultancy will now give its US and Canada employees, regardless of gender, up to 21 weeks of paid parental leave with the option to extend to 26 weeks of paid leave with vacation. The new policy covers biological parents, adoption, and surrogacy.
Bain’s benefits package also includes coverage for assisted reproductive services, reproduction assistance for same-sex couples, and adoption and surrogacy reimbursements.
The consultancy framed the benefits enhancement as a diversity and equity initiative to help develop and attract the best diverse talent.
"We are constantly evaluating new ways to improve our best-place-to-work culture, lead with equity and serve as the destination for top business talent," said Kara Gruver, Bain & Company's chief talent officer. "Equal parental leave for all parents is an important step to move us forward on gender equity, ensuring all of our people at Bain can thrive, both personally and professionally.”
Bain – which has more than 13,000 people globally – is consistently rated as one of the top employers in various rankings. The firm was named the top consulting firm on Glassdoor's list of 100 Best Places to Work 2022 and has ranked as one of Fortune's 100 Best Companies to Work For three years in a row.
Consulting firms have been upping salaries, flexible working arrangements, parental leave, paid time off, and other benefits amid the continuing “Great Resignation” of talent. PwC recently extended its parental leave from eight to 12 weeks and announced its offices would close for two weeks every year to enhance employee wellbeing.
