Edward Jones has created a new family leave policy that gives primary caregivers 16 weeks of paid leave immediately following the birth or adoption of a child, the financial services firm announced recently. The policy will start Aug. 1.
In addition to the leave for the primary caregiver, the secondary caregiver will receive two weeks of paid leave, both with job security.
The policy applies to full-time associates at the home office in St. Louis and in the more than 11,500 branch offices in the United States and Canada, and to all financial advisors, explains Kim Grbac, director of benefits and compensation.
The change is designed to help obtain and retain good employees, but it also fits the culture of the firm, says Grbac. “The culture and the values of the firm include a respect for the individual and family needs of the associates,” she adds. “That is what drives all of our rewards programs.”
The company already provides medical benefits for domestic partners and transgender employees. Previously, employees could use vacation time for family leave.
The federal standard for family leave is 12 weeks off with job security, but it does not require the person be paid.
Grbac says the standards throughout the financial industry are evolving to be more generous. “We keep a close eye on others within financial services and we want to be able to compete,” she says.
“I’ve had employees who are well beyond child-rearing age tell me this makes them feel good about the company. Other employees have called to confirm that this is actually the new standard—they don’t believe it at first,” she says.
It is up to the employee to tell Edward Jones who is the primary and secondary caregiver.
Edward Jones was recently named one of the best workplaces in financial services and insurance by Fortune magazine. It was ranked 6th overall and was the top-ranked national brokerage.