Morgan Stanley Gives Staff Longer, More Flexible Parental LeaveBy
Morgan Stanley boosted paid leave to four weeks from one week for non-primary caregivers following the birth, adoption or foster placement of a child.
Primary caregivers are still eligible for 16 weeks of time off, but instead of having to take it in a continuous block, can break the leave into 2-week sections after the initial 8 weeks, according to a Thursday memo from Jeff Brodsky, head of human resources at the New York-based bank.
Banks have been enhancing parental leave in a bid to retain employees and fend off competitors, including technology companies that have unveiled more generous benefits for new parents. Last year, for instance, Bank of America Corp. increased parental leave to 16 weeks from 12, and in late 2015 Credit Suisse extended its leave to 20 weeks.
— With assistance by Laura Colby