Parento Launches First Private Paid Parental Leave Solution for Employers
"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 programs are out of compliance with regulations by failing to offer leave to fathers too," said
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 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, Parento is an entirely new category, created and managed in collaboration with
"The COVID-19 crisis was a wake-up call for many employers, who now realize that the policies and programs they offer don't address the daily challenges working parents face," Doebler observed. "A well-designed parental leave program 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 programs, 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
Parento offers turnkey and custom solutions with coverage for any size company, ranging from 25 to 10,000 employees. The insurance is now available in
About Parento
Parento is the only provider dedicated to expanding paid maternity and paternity leave. In partnership with
Parento was founded by
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