New moms on Wall Street: You're getting an extra four weeks of fully-paid maternity leave!
That may be a sweeping statement. But the world’s largest private equity firm, Blackstone Group , is extending its maternity leave benefits from 12 weeks at full pay to 16 weeks in an attempt to appeal to more women.
“The financial services industry has historically struggled to attract and retain women,” Chief Executive Stephen Schwarzman said in a company-wide memo. “By having strong policies in place that support working mothers…we hope to help make asset management a more attractive industry for women.”
Blackstone already places an emphasis on hiring more women. But only seven out of 139 senior managing directors are female, along with 557 of the 1,880 professional employees. Expanding their maternity leave is a smart plan; paid leave is the biggest determining factor of whether or not a new mom will return to work. And other private equity firms only offer 12 weeks.
It looks like Blackstone just sharpened its competitive edge. As if a starting salary of $250,000 wasn't enough.
What is your employer's maternity leave policy like?