Estée Lauder looks to stay competitive with generous parental benefits
If you’re planning to have children, undergoing fertility treatment, or want to adopt, then Estée Lauder might be right employer for you. That’s the message that the company’s new range of parental benefits – which include a $10,00 bonus towards adoption, up to $20,000 help for couples struggling to conceive, and 20 weeks of paid parental leave – is designed to convey. It’s amongst the most generous benefits package on the market, and Estée is hoping it convinces top talent to stay at (or come to) the company.
Estée Lauder’s share price has risen by 17% so far this year
SOURCE: Yahoo Finance
The expanded benefits package also includes a “back-to-work transition program” giving new parents added flexibility when it comes to deciding how they reintegrate to the workforce. That might mean part time hours, or “flexi-time” arrangements whe ere people come in and leave earlier than their childless peers. The program applies to all employees “regardless of sex, gender, and sexual orientation,” and is a strong endorsement of workplace equality.
Latricia Parker, Estée’s executive director of global benefits, says that the company thinks of this policy update as a way to reflect the changing desires of modern workers. She also highlighted the importance of equality, saying:
"We're seeing a general shift away from focusing on more traditional benefits, like medical and dental. Now, it's all about the individual, rather than employers dictating what's right for them. Employees want to understand the options available to them. We don't want to dictate what their families should look like."
Estée’s new parental benefits are on a par with the most generous offers in America. Several major corporations, like IBM and Netflix offer similarly tempting packages. Ultimately, these companies will see better staff retention and a greater ability to attract the best employees. That’s particularly important for Estée, given that 84% of its employees are women, who take more parental leave than men, and are thought to prioritise parental benefits when it comes to deciding where to work.
Dominion holds Estée Lauder in its Global Trends Luxury Fund.
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