To better support growing families at our company, The Lifetime Value Company has expanded its paid parental leave policies for both labor-related and care-related parents. The policy includes a new “transitional period” to help parents better adjust to the work environment after their leave period, and a separate bereavement leave in cases of child loss during pregnancy or birth.
“In a time when companies are cutting back on paid parental leave benefits due to the transition to a remote-first work culture, we are happy to say that LTV is doing the opposite,” said Stefani Azzariti, Human Resources Generalist at LTV.
Why LTV offers parental leave to employees
Parental leave is an increasingly common benefit for employees to expect from their employers when they welcome a new addition to their families. However, in the United States, parental leave policies vary greatly from company to company, and not all of that time (if any) is paid. Additionally, leave policies are often applied differently based on whether an employee has physically given birth to their new child.
Research from Boston College has shown that 75% of employees are more likely to remain with their current employer because of expanded leave policies, and nearly 100% say they felt a “deeper bond with their child” due to taking that leave.
LTV’s new parental leave policy for labor-related and care-related parents
LTV’s Paid Parental Leave Policy includes generous paid time off following the birth or adoption of a child and a newly-implemented four-week “transitional period” (a reduced workweek at full pay for parents) after they return from leave. Additionally, we have added a period of paid bereavement leave for labor-related parents in the unfortunate case of child loss during pregnancy or birth.
Employees are eligible to use these policies after they have been with LTV for at least six months.
What is a labor-related parent?
LTV defines a “labor-related parent” as the parent who physically gives birth to a biological child. A care-related parent is defined as the parent who does not physically give birth to a child, but will be a caregiver to a biological, foster or adopted child.
How does the policy apply to labor-related vs. care-related parents?
Full parental leave and transition period are extended to both labor-related parents and care-related parents when a new child is born or adopted into their family. We recognize the unique challenges each type of parent may face as they adjust to life with a new family member, and LTV’s expanded policy is meant to make that adjustment easier.
Only labor-related parents are eligible for paid parental bereavement leave in the event of a miscarriage or stillbirth.
Transition period after parental leave ends
Returning to work after parental leave can be physically and emotionally challenging for an employee. To help, LTV now offers a transition period to help parents better balance their work with caring for their new child.
During this transition period, eligible employees can work a four-day week for the first four weeks following their return from parental leave, and still receive their full salary and benefits. Labor- and care-related parents who opt into LTV’s paid parental leave may take advantage of this transition period.
Parental leave in cases of miscarriage or stillbirth
In some unfortunate cases, expecting parents suffer the loss of a child due to miscarriage or stillbirth. In the event of this loss, labor-related parents are eligible to receive eight (8) weeks of paid parental bereavement leave.
Common questions about LTV’s parental leave policy
Here are some common questions asked about LTV’s new parental leave policy.
What day of the week can returning parents take off for their transition period day?
Parents who are returning to LTV from leave can choose any day of the week to designate as their Parental Leave Transition Day, as long as it is the same day for each of the four transitional weeks.
What if a holiday falls during an employee’s parental leave or transition period?
If a holiday falls during an employee’s parental leave or transition period, it will not be counted against them. Instead, LTV will add those extra days at the end of their leave and/or transition period.
To start your journey with our remote-first, employee-first company, check out LTV’s open positions and employee benefits on our Careers Page.