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5 great U.S. companies for working parents

Marc Cugnon
USA TODAY Network

Netflix unveiled its latest perk for employees this week with an update to its parental leave policy. The streaming giant now offers unlimited time off to new parents for up to a year after the birth or adoption of a child.

Google logo at the Google campus in Mountain View, California.

However, Netflix is not the first major company to offer progressive packages for parental leave.

With firms seeking ways to retain talent and balance employee needs with corporate ones, better parental leave policies have become a way to incentivize workers to stay put, said Shainaz Firfiray, assistant professor at Warwick Business School. Companies have to develop policies that focus on the evolving needs of their workforce, she added.

“Research suggests that individuals experience strain as a consequence of juggling several role demands at the same time and consequently, one or more of these spheres, for example work or family, will suffer," Firfiray said.

Here is a list of five U.S. companies offering great parental leave benefits to employees:

1.Ernst & Young: The company offers up to 14 weeks of paid maternity leave and 6 weeks of paid paternity leave. Birth mothers can choose to take up to two of their 14 weeks of paid leave prior to the birth of their child.

2. Microsoft: The software corporation recently updated its parental care policies. The firm behind Windows and the Xbox now offers up to 12 weeks of paid maternity and paternity leave. Microsoft also allows birth mothers to use short-term disability leave up to two weeks prior to their scheduled due date.

3. Google: The tech giant offers up to 18 weeks of paid maternity leave and offers 12 weeks of paid baby-bonding time to all primary caregivers, regardless of gender. The company also offers up to seven weeks of paid leave to caregivers, other than parents, who play a key role in raising a baby.

4. Bank of America: The popular banking firm provides up to 12 weeks of paid maternity, paternity and adoptive parent leave. Bank of America also provides up to 14 additional unpaid leave.

"Our policy has always been one that focused on both men and women," said Ferris Morrison, a spokesperson for Bank of America. "We also provide adoption support so employees can deal with expenses of adoption. We always try to meet the diverse needs of our employees."

5. State Street: The professional assistance firm offers up to 12 weeks paid leave to mothers and up to four weeks paid leave for fathers. Additionally the company offers 8 weeks of paid leave for adoptive parents, and grants up to $5,000 per family to assist with adoption expenses.

"We’re competitive in this space in order to engage employees and retain them," said Mike Scannell, senior vice president of global human resources for State Street. "We have a pretty strong flexible-work program."

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