Goldman Sachs, Intuit, Morgan Stanley, and Bank of America Are the Leading Companies for Working Fathers in 2023

This report was written by Aleksandra Radeva, Senior Research Manager, Corporate Impact, Ian Sanders, Junior Reserach Analyst, Corporate Impact, and Jordyn Avila, Senior Strategic Partnerships Manager, Corporate Impact.

In America today, roughly six in 10 men are fathers, and with 93% of dads currently part of the U.S., workforce, nearly all – whether biological, step, or adoptive fathers – are working to provide for their families.

But balancing work and child care remains a perennial challenge for all parents. In a 2022 survey on the difficulties of post-pandemic parenting, we found that 85% of parents with children under 12 know someone or have personally experienced at least one job-related caregiving challenge, from missing work to changing schedules to even leaving their jobs.

In today’s highly competitive labor market, retaining workers and keeping them engaged are high priorities for many companies, but due to competing factors like working from home, juggling child care responsibilities, and finding consistent care, parents have been more likely than nonparents to leave their jobs.

While financial contributions have become more equal in marriages between men and women in recent decades, women continue to bear the burden of caregiving. Still, it’s critical that companies offer inclusive care policies that benefit all parents, from equitable parental leave to subsidized child care, to continue to shift this norm. When men take parental leave, the mother’s income rises by about 7% for each month of leave, helping to reduce the gender wage gap within households and ensure equality in both the workplace and at home.

In recognition of Father’s Day, and in an effort to better understand how corporate America is measuring up on key policies that support dads – and in turn, entire families – we compared the length of paid parental leave that companies we rank offer to primary and secondary caregivers, typically mothers and fathers respectively. Without a national policy or framework, it’s up to companies to take the lead on these issues. And indeed there are some, including Goldman Sachs Group, Bank of America Corporation, Intuit Inc, and Morgan Stanley, that are leading with best-in-class support for working fathers.

Key Findings

• Among the companies that disclose the length of their paid parental leave, only 26% offer 12 weeks or more to secondary caregivers, compared to 48% when it comes to primary caregiver leave. 
• The average Russell 1000 company offers 7.6 weeks to secondary caregivers in 2023, compared to 10.5 weeks for primary caregivers.
• 41% of companies offer some paid time off for working dads to welcome a new child. Meanwhile, 24% of companies disclose a backup dependent care policy, and 13% offer subsidized child care benefits.
• Just 1.5% of companies offer backup dependent care, subsidized child care, flexible scheduling, and 12 weeks or more of paid parental leave to fathers.
• Goldman Sachs Group, Bank of America Corporation, Intuit Inc, and Morgan Stanley are among the top companies for dads in 2023.

The State of Paid Parental Leave for Secondary Caregivers in Corporate America

Across the board, we found that secondary caregivers receive shorter paid parental leave than primary caregivers. Among the companies that disclose the length of their leave, only 26% offer 12 weeks or more to secondary caregivers, compared to 48% when it comes to primary caregiver leave. This leaves few working dads with sufficient time to bond with their newborns and actively participate in caregiving responsibilities.

Looking more closely at the length of leave, we found that the average Russell 1000 company offers 7.6 weeks to secondary caregivers in 2023, a slight increase from 7.2 weeks in 2022. In contrast, primary caregivers on average received 10.5 weeks of paid leave over the same period. In other words, the average secondary caregiver receives three weeks fewer than primary caregivers, perpetuating the norm that child rearing is a primarily female responsibility.

Despite the generally lower length of leave for secondary caregivers, paid parental leave is a fairly common benefit, with 41% of  companies offering some paid time off for working dads to welcome a new child. Meanwhile, 24% of companies disclose a backup dependent care policy, and just 13% offer subsidized child care benefits. Flexible working hours are more common, with 39% of companies offering this benefit.

For working parents, there is a clear need to have access to all of these benefits, but we found that just 6% offer all three. When we add paid parental leave to the mix, the pool of companies that have comprehensive offerings shrinks further – with just 1.5% of companies offering all three benefits and 12 weeks or more of paid parental leave to fathers – signaling the need for corporate America to do more to support working dads. 

The Top Four Companies for Working Fathers

Despite these low numbers, there are several companies leading on issues like paid parental leave, subsidized child care, and more. Among the 951 companies we ranked in 2023, we found that Goldman Sachs Group, Bank of America Corporation, Intuit Inc, and Morgan Stanley provide best-in-class support to parents – and especially fathers – in their workforce.

Each of these leading companies:

• Provides paid parental leave at or above 16 weeks for secondary caregivers, often seen as paternity or non-birthing parent leave.
• Offers parity in weeks of parental leave for primary and secondary caregivers.
• Offers backup dependent care.
• Offers subsidized child care.
• Offers flexible work scheduling.

Read below to learn more about key policies and disclosures from these companies, and how they are working to accelerate gender equality and challenge traditional gender roles and stereotypes by supporting dads in the workplace as they navigate the challenges of caregiving.

Goldman Sachs

Ranked 4th in Capital Markets and 131st overall
Capital Markets company based in New York, NY

Goldman Sachs has established itself as a leader for working fathers and mothers, offering the longest paid parental leave among all four companies in this analysis – 20 weeks for both primary and secondary caregivers, regardless of gender or caregiving status. Furthermore, new and expecting parents have access to a number of support programs, including counseling services, expectant parent resources, and transitional programs for parents returning from parental leave. Additionally, Goldman Sachs has a history of providing employees with full-time, on-site backup care services and subsidized child care. With their first on-site backup care location opening in 1993, the company has created a culture of parental support by building child care centers for a variety of its locations both in the U.S. and abroad. Finally, Goldman Sachs also offers flexible scheduling arrangements, including part-time schedules, job sharing, telecommuting, and alternate hours, in order for fathers and mothers to spend more time with their children.

Bank of America

Ranked 1st in Banks and 1st overall
Bank based in Charlotte, NC

As the top ranked company in our 2023 Rankings of America’s Most JUST Companies, Bank of America goes above and beyond in many ways, with parental benefits for fathers being no exception. From flexible work arrangements, including loaned hours, reduced hours, and flex time, to 50 days of backup dependent care per employee, Bank of America takes a number of steps to prioritize working dads. Furthermore, the company provides $275 a month for child care subsidies, providing monetary support to parents at work. Furthermore, the bank is also one of a small number of companies to offer 16 weeks of paid parental leave to both primary and secondary caregivers, giving new dads ample opportunity to bond with their newborns.

Intuit

Ranked 7th in Software and 65th overall
Software company based in Mountain View, CA

Intuit is one of only a few companies to offer 16 weeks of paid parental leave for both primary and secondary caregivers. Parents at Intuit also receive backup dependent care, flexible scheduling, and subsidized child care. Offering benefits to workers at all levels is pivotal to achieving equity in the workplace, and Intuit prioritizes this in their policies. Its dependent care program supports full-time and part-time employees working 20 or more hours a week, as well as seasonal employees, and covers regular and temporary child care, adult care, and elder care.

Morgan Stanley

Ranked 7th in Capital Markets and 185th overall
Capital Markets company based in New York, NY

Morgan Stanley offers a robust benefits package designed to support fathers and all other new parents, providing 16 weeks of paid leave for both primary and secondary caregivers. Parental leave is only one of the many benefits offered by Morgan Stanley, including emergency backup care for both children and adults, a subsidized child care program that goes above and beyond to provide support for preschool, before- or after-school programs, child care and summer camp, and a flexible scheduling program. As children grow older, Morgan Stanley continues to support parents by providing resources and counseling for kids, as well as a tutoring and college admissions support program.

Why Companies Should Invest in Working Families

As companies continue to prioritize gender equity in the workplace, it’s pivotal that fathers are given equal opportunity to be caregivers both at work and at home. And while fewer employers currently offer paid parental leave to men than to women, research has shown that providing paid leave to fathers is critical for ensuring adequate bonding time with their newborns and easing the parenting load on mothers (aka “the motherhood penalty”).

Unfortunately, because paid paternity leave has yet to be normalized, many men don’t take advantage of the benefit – even when they have access to paid leave, 70% of fathers take just 10 days of leave or less. Corporate leaders looking to build more inclusive practices that support working fathers can look to these four companies as examples. Prioritizing this key workforce demographic, corporate leaders have the opportunity to shift the narrative on parenthood and caregiving in a way that supports working parents, while benefiting the company overall.

JUST Capital, in collaboration with partners, established the Corporate Care Network to advance the well-being of workers and demonstrate the long-term value of investment in workers. The Network is committed to driving increased access to care benefits, including paid leave and flexible work policies, and highlighting leaders in the space.

If you’re interested in gaining insights into how to improve on the issues that matter most to the American public, and learning how your company can get involved in the Network, please reach out to JUST Capital impact@justcapital.com.