People in the US are living longer and retiring later, leading to a more multigenerational workforce. As a result, employers are expanding parental leave and adding grandparent leave as a new perk. This trend is driven by the growing number of grandparents in the workforce and the high cost of childcare. The policy of grandparent leave, also known as grandternity leave, provides paid time off to employees at the birth or adoption of a grandchild. This shift towards more inclusive family care policies is an acknowledgement of the changing workforce and the need for greater support for all constituents. Additionally, the overall population is aging, and longer lives mean more generations coexist, increasing the need for multigenerational care. While not all companies offer explicit grandparent leave, many provide flexibility for employees to take time off to care for grandchildren. Trust and support from employers are crucial in allowing employees to balance work and family responsibilities effectively. Grandparent leave is highly valued by those who have access to it, as it provides financial security and flexibility in caring for grandchildren while still maintaining vacation time.
| Signal | Change | 10y horizon | Driving force |
|---|---|---|---|
| Grandparent leave as a new perk | Inclusion of grandparents in family care policies | More companies will adopt grandparent leave policies | Recognizing the changing workforce and the value of multigenerational care |
| Increasing number of grandparents in the workforce | Workforce composition is more multigenerational | The need for multigenerational family care will increase | Longer lives and delayed retirement |
| Ballooning cost of childcare | More reliance on family members for childcare | More families will spend a significant portion of their income on childcare | Increasing cost of childcare and the unattainability for many families |
| Longer lives and higher population | More generations will coexist at once | There will likely be nine or ten generations living together before mid-century | Longer lifespans and improved healthcare |
| More companies offering flexible work | Increased flexibility for work and family responsibilities | More companies will afford flexibility for employees to take care of family | Recognition of the importance of work-life balance and family support |