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The Modern Family in the Age of Millennials

Case StudiesFeaturing: Boston College Center for Work & Family, PNC Financial, Bright Horizons, EY

Jennifer Sabatini FraoneDirector of Corporate Partnerships

Boston College Center for Work & Family

Working Mother Work Beyond SummitOctober 24, 2017


The Modern Family in the Age of Millennials

The Center for Work & Family is the leading university-based center focused on supporting employers in their efforts to improve the lives of working people and their families.

Key areas of focus:

Supporting work-life and flexibility

Fostering employee well-being

Engaging & managing talent

Leading globally inclusive workplace

www.bc.edu/cwf Twitter @BCCWF

http://www.bc.edu.cwf/

CWF Members include …

Today’s Families

Nearly 10 million families headed by a single mother

115,000 same-sex couples with children

57 million Americans, or 18% of the population of the United States, live in multi-generational family households

Modern Families

• Average age of mother at first

birth: 28 (CDC, 2016)

• Birth rates for teens and

twenties have decreased, 30s

and 40s increased

• Fewer educated women are

opting out of having children:

20% vs. 33% 20 years ago

• Later marriage

CMRubinWorld Sruvey of Millennial Bloggers, 2017

• “As globalization has shifted our economy and as the ability for one breadwinner to support a family fades, we are witnessing a shift in what is deemed culturally acceptable”

• “We are beginning to welcome a buffet of relationships and contexts to promote an adaptive, flexible, modern economic family unit”

• “I hope that times keep changing, where no one is more “normal” than anyone else. We are all individuals; all unique; all inspirational; all making a difference, big or small, in our own ways”

The Modern Family

“Ultimately a normal family should be a loving family”

Millennials as New Parents

• 9,000 babies are born to Millennials each day in the US

• 1.3 million Millennials become moms each year

• More than 22 million Millennial parents live in the U.S.

• Millennials more likely to be part of a dual-career couple (78% vs 47% Boomers, EY )

80-90% of the 4 million annual U.S. babies are now born to Millennials

Companies are respondingProviding supports through this vulnerable transition time in career/life.

Fertility and Pre-natal Services Welcome Back/Transition Support

Preparation for leave Lactation Support

Paid Parental Leave Parenting Affinity Groups/ERGs

Adoption Support and Leave Manager Training/Support

New Parent Career Coaching Education Support for Special Needs

Child Care Support and R&R Workplace Flexibility


The New Dad Studies

www.thenewdad.org

Sample for The New Dad Over course of The New Dad studies (2009-2017)

>3000 fathers have been interviewed or surveyed Our population is typically college-educated, white

collar workers from large companies In this study we have a sample of 869 28% Baby boomers, 57% Gen X, 15% Millennials Worked at 9 organizations in professional services,

insurance, investment banking, outsourcing, etc. Generally, these are very happy employees


Today’s New Dads• 74% of Millennial dads want to spend more time with their kids

• 89% believe paternity leave is important (60% very or extremely)

• 95% want flexibility to be available and supported in their workplace

• Dads report as much, if not more work-life conflict as mothers

• When it came to what’s “extremely important” to them in assessing their success: Work-life #1

• A majority of dads want to advance… but not at the expense of spending time with family (64% disagree – only 4% strongly agree)

The New Dad studies: Boston College Center for Work & Family www.thenewdad.org

http://www.thenewdad.org/

How should be/is caregiving divided?Boston College Center for Work & Family

Three Paradigms of The New Dad Traditional Dads Spouse should do more and she does

Egalitarian Dads Caregiving should be 50/50 proposition and it is

Conflicted Dads Caregiving should be 50/50 proposition but … Spouse does more than I do


Boston College Center for Work & Family30% of sample 38% of sample 32% of sample

Traditional, Egalitarian, Conflicted Boston College Center for Work & Family

Fatherhood types by generation


Would like more time with children


Job withdrawal intentions


Life Satisfaction: Millennials only


Why are men conflicted?


In a period of transition in the US

Defined as breadwinners … this will change slowly

Men’s financial contribution to family often greater than their partner’s, so salary is needed more

Men don’t take leave following birth of child - leads to less confidence / competence in caregiving

Organizations have been slow to catch up to and accept men’s expanded role in the home

Recommendations for Employers Provide in-depth career-life planning programs for fathers that

include rigorous self-assessment Survey fathers to assess whether they feel culture is accepting

of fathers’ caregiving role … if not it will undermine women’s advancement agenda

Cultivate a flexible workplace and offer paid leave Consider starting a fathers’ employee resource group or

inclusive family group and offering father-focused programming

Expand mentoring discussion for men to include the challenges they face on the work-family front


Recommendations for Dads


Being Conflicted reduces satisfaction with work & life Strive for congruence between values & actions Ways to accomplish this: In-depth career-life planning activity which includes rigorous

self–assessment process Fathers’ group to share struggles & success stories Take paternity leave if possible, hopefully paid! Frequent conversations with partner regarding how shared

caregiving is working, how it can be improved

Supporting all parents and all families at EY

How the evolving recognition of families creates

opportunities for everyone at EY

24 October 2017

Supporting all parents and all families at EY11/1/2017 28

► Global professional services organization

► 250,000 people in 728 offices in 152 countries

► 45,000 in the US

► Building a better working world for our people, our clients and our communities

EY

Who we are


Generation “Go”

Observations:

Managing work and life is getting harder

across the world — younger generations and

parents hit the hardest1.

Workers around the world want the option to

work flexibly — without penalty3.

Global employee retention: why are people

quitting their jobs?2.


The changing definition of “family”

Classic definition Today’s reality

11/1/2017 30


Today’s Families

11/1/2017 31

https://share.ey.net/sites/professionalnetworks/TF/Todays_Families/SitePages/Today's Families Home.aspx

https://share.ey.net/sites/professionalnetworks/TF/Todays_Families/SitePages/Today's Families Home.aspx


Cross-network opportunities

11/1/2017 32


Pathways to Parenthood

Gender-neutral paid parental leave

► Increased paid parental leave

► 16 weeks for primary caregivers

Assisted reproductive technology (ART) procedures

► Combined $25,000 lifetime max. benefit per family to cover:

► Adoption

► Surrogacy

► Infertility

► Egg and sperm retrieval (if medically necessary)

► Egg and sperm freezing preservation (if medically necessary)

► Eligible for up to a $10,000 lifetime maximum for related prescription drug costs

Domestic partner benefits

► Doesn’t require people to be married — same-sex and opposite-sex benefits

11/1/2017 33


More dads taking parental leave and families using ART

► EY Parental Leave Policy — 16 weeks announced April 11, 2016, retroactive to

Nov. 2015

► Nearly all women take the full 16 weeks consecutively

► As of September 30, 2017:

► 232 dads out of 674 (34%) took the full 16 weeks, in a variety of ways

► The average number of paid weeks taken by men was six weeks

► Many dads still only take two weeks

► ART and adoption reimbursement

► 8 people registered for surrogacy benefits

► 9 adoptive families to date taking advantage of the new policy

► 400 people accessed infertility treatments through EY medical plan

11/1/2017 34

EY | Assurance | Tax | Transactions | Advisory

About EY

EY is a global leader in assurance, tax, transaction and advisory services. The insights

and quality services we deliver help build trust and confidence in the capital markets and

in economies the world over. We develop outstanding leaders who team to deliver on our

promises to all of our stakeholders. In so doing, we play a critical role in building a better

working world for our people, for our clients and for our communities.

EY refers to the global organization, and may refer to one

or more, of the member firms of Ernst & Young Global Limited, each of which is a

separate legal entity. Ernst & Young

Global Limited, a UK company limited by guarantee, does not provide services to clients.

For more information about our organization, please visit ey.com.

Ernst & Young LLP is a client-serving member firm of

Ernst & Young Global Limited operating in the US.

© 2017 Ernst & Young LLP.

All Rights Reserved.

1710-2440890

ED None

This material has been prepared for general informational purposes

only and is not intended to be relied upon as accounting, tax or other

professional advice. Please refer to your advisors for specific advice.

ey.com

Millennials are the largest generation in the workforce

36

At PNC, we recognize that tomorrow’s leaders are graduating every day from universities near and far. We feel it’s important to provide targeted development programs that provide the hands-on experience and intensive learning that early-career professionals need in order to explore and achieve career goals.

By joining one of PNC’s Early Career Development Programs, you will learn, network, and develop professionally through hands-on experience. Our programs offer an excellent opportunity to work side by side with PNC professionals while making real contributions through meaningful work.

We’re Focusing on Your Future & Ours

Our customers should see themselves in our employees

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"We continue to gain momentum in the creation of a corporate

culture that is intentionally inclusive as we interface with an

evolving workforce, workplace and marketplace.”

- Marsha Jones, Chief Diversity Officer

Where have we evolved to support today’s parents?

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Onsite Back-up Care Centers Great Start Program

National Just In Case Care

New Mothers Rooms

Flexible Work Arrangements

Paid Maternity & Parental Leave

Onsite Well-being Centers

Rome wasn’t built in a day

39

Great Start Program with Bright Horizons

40

Our employees will tell you…

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“O’Brien Family Center is hands down one of the reasons why I am so happy with PNC. I sent both my kids through the Great Start program and have used the backup services a number of times…”

“…it gave my wife peace of mind going back to work after her leave knowing that I would be able to check in on our daughter while she was enrolled in the Great Start program. Our time in Great Start was priceless but on a practical level, it allowed us to postpone full time daycare by two months which also allowed us to save a considerable amount of money.”

Millenials desire stability and flexibility

42

Communication is key

43

Short videos

Regular program highlights

Webinars

Packaging benefits together to

solve a particular need EAP + Bright Horizons Elder Care

“Having a Baby” Guide

Desire for purpose and greater good

44

Over 13 Years:• 54,000 employee volunteers

• 650,000 volunteer hours

• 930,000 donated items

40 Paid Hours to Volunteer/Year

The proof is in the pudding

45


Questions?

#WorkBeyond

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