Are your existing parental leave benefits available to all caregivers equally, regardless of gender or sexual orientation? WTW is seeing more organisations take steps to review their benefits packages with a Diversity, Equity and Inclusion lens.
Results from the 2021 Global Benefits Trends Survey showed 83% of respondents from Australia and New Zealand said Inclusion and Diversity is the top external influence driving their organisation’s benefits strategy. With the 2023 survey now open, we will be closely watching any change in this space over the last two years.
Over half of Australian organisations provide paid parental leave (PPL) – in combination with or in addition to the government PPL scheme, according to the most recent WTW Benefit Design Practices Survey. After the Paid Parental Leave Amendment Bill 2022 was passed last year, the benefits are set to ramp up from 1 July 2023, including extending PPL from 18 to 20 weeks in the first year, further increases scheduled until it reaches 26 weeks in 2026 and removal of certain restrictions around claimants.
This shift in the government-funded provisions is aligned with market commentary to make parental leave benefits more inclusive and support a shared care model within the community.
Organisations will be required to update their internal policies in line with these changes as they take effect and should also consider how this could influence their PPL policy.
Are you keeping up with market trends or are your competitors offering more inclusive benefits that attract the right talent? WTW’s up-to-date benchmarking data and market experience can support the evolution of your organisation’s strategy.
