The London Stock Exchange Group (LSEG) is taking a significant step towards enhancing its employee benefits by standardizing its parental leave policy across its global workforce. Starting in July, LSEG will offer all employees who have been with the company for at least a year 26 weeks of gender-neutral parental leave, regardless of their location. This policy marks a departure from the previous approach, where parental leave was largely influenced by local laws and regulations, resulting in disparities among employees in different regions. For instance, prior to this change, LSEG offered 12 weeks of parental leave to its U.S. employees, while in the UK, the policy provided for 26 weeks of maternity leave and two weeks of paternity leave.
LSEG’s decision to adopt a uniform parental leave policy reflects its commitment to equity, diversity, and inclusion across its global operations. The company, which employs 25,000 workers in 65 countries, with over half based in the Asia Pacific region, aims to make benefits more equitable for its entire workforce. This initiative is part of LSEG’s broader efforts to integrate equity into its operations, especially after its significant growth following the acquisition of Refinitiv in 2021.
Jennifer Thomas, LSEG’s global head of equity, diversity, and inclusion, emphasized the importance of considering what equity looks like on a global scale for a business with a worldwide presence. The new parental leave policy is designed not only to make LSEG an attractive place to work but also to facilitate a better integration of employees’ personal and work lives. By offering a significant and gender-neutral parental leave benefit, LSEG hopes to foster open and transparent conversations among leaders and their teams about life events and needs.
This move by LSEG is indicative of a broader trend among global employers to design benefits that can be equitably offered across a diverse and international workforce. According to a WTW survey published in January 2024, there has been a notable increase in employers adopting global minimum standards for employee benefits. The survey found that seven in 10 employers had established a global minimum standard for employee benefits, up from 36% in 2019. Nigel Bateman, managing director of integrated and global solutions at WTW, highlighted that global minimum standards are a way for employers to demonstrate their commitment to inclusive benefits that align with their corporate values and enhance their reputation as employers.
LSEG’s updated parental leave policy represents a progressive approach to employee benefits, aligning with the company’s values and the evolving expectations of a global workforce. It sets a benchmark for other multinational corporations to follow, emphasizing the importance of inclusivity, equity, and support for employees across all regions.