Broadridge Financial Solutions updates parental leave policy to be gender-neutral
Broadridge Financial Solutions, a fintech company with about 10,000 employees in 16 countries, is expanding its benefits suite with a more inclusive parental leave policy and extra perks.
The Lake Success, New York-based company will offer expanded parental leave benefits, raise the company charitable giving annual match to $3,000 and increase the number of vacation days available to employees who have worked at Broadridge for less than five years.
“We’ve been working on these enhancements for six months now,” says Julie Taylor, Broadridge’s chief human resources officer. “The main reason we’re doing this now is our company is doing so well, and we decided to ramp things up [but] tax reform gave us a sense of urgency.”
Broadridge is expanding its parental leave benefits to include all parents. Previously, the company offered nine weeks of fully paid leave to birth mothers through a disability program, Taylor says. The company also gave a week of full pay for parental leave.
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Although the previous package was market competitive, Taylor says the company wants to engage all associates, not just birth mothers. The company added an extra five weeks of paid leave at 50% pay for all new parents, including fathers and those adopting, on top of the existing parental leave program.
Additionally, Broadridge has increased its starting vacation days from two weeks to three weeks for employees who have worked at the company for less than five years. It also doubled its charitable giving annual match to $3,000, from $1,500, Taylor says. The enhanced benefits package is available to all full-time employees.
The company already offers bonuses to employees, particularly in sales and at managerial levels, and will increase those bonuses by 40% for non-management employees. It also increased its World Class Service Bonus, which is available to all employees, to $1,750. The World Class Service Bonus program is available for hourly non-management employees, which make up more than half of the workforce.
On top of those benefit and bonus changes, Broadridge raised its minimum wage to $15 an hour, regardless of U.S. location.
“As a company, we did not have a concept of minimum wage,” Taylor says. “We know that experienced, knowledgeable workers are the ones that are driving our customer service results. We want to attract and retain those workers.”