Virgin Management has introduced a year’s full pay for employees taking maternity, paternity or adoption leave once staff have accrued four years’ service with the organisation.
All working parents at Virgin Management, irrespective of gender are to be given up to 100% of their basic salary over 52 weeks following the introduction of shared parental leave on 5 April 2015.
Employees with less than four years’ service will have their pay during parental leave calculated on a pro-rata basis. For example, those with less than two years’ service will receive 25% of their basic salary.
The announcement follows Virgin Management’s decision last year to give all staff unlimited leave.
Shared parental leave is available to working parents in the first year following the birth or adoption of a child and gives them more flexibility to share childcare responsibilities.
Josh Bayliss, chief executive officer at Virgin Management, said: “We pride ourselves on our family-friendly and home/work-life policies, from parental leave and unlimited leave entitlement to flexible working.
“The introduction of the new shared parental leave legislation was a great opportunity for us to review our existing maternity, paternity and adoption benefits, and offer something special to our staff.
“This is a ground-breaking move from Virgin Management which demonstrates that the health and wellbeing of our people is at our core.
“Having a child is a life-changing experience and this policy means our employees have the opportunity to enjoy time with their families and have a great career.”
Sir Richard Branson (pictured), Virgin Group founder, added: “If you take care of your employees they will take care of your business.
“As a father and now a granddad to three wonderful grandchildren, I know how magical the first year of a child’s life is but also how much hard work it takes.
”I’m delighted that we can offer this support to our staff so that they can enjoy parental leave to the full as we continue to our work in changing business for good.”
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Is this for all his company’s ? I work for virgin trains east Coast and started my maternity leave in February this year , will I be entitled to this benefit ? Also has Mr Branson got a policy on returning to work for flexible working etc
Richard Branson’s announcement will certainly grab the headlines and steal a march on Virgin’s competitors. As a 32 year old male looking to start a family in the not too distant future, I’d be very happy with a year off on full pay but I know it would be unrealistic to expect this to become a trend.
99.9% of employers in the UK will be unable to follow suit due to the obvious financial and HR costs.
However, this news should encourage employers to explore other ways to support their staff following the birth of a child, within the company’s means.
This could be by providing a (more) flexible work environment with a scheme, such as ‘Bring Your Own Device’, allowing employees to work away from the office more often; or by introducing a formal sabbatical scheme allowing a longer period out of the workplace but spreading the financial impact over 12 months.
The Independent assessed this news release and identified that with all the various catches that it only actually affects a group of highly paid “140 people employed at offices in London and Geneva.”
I am not sure if “Virgin Management” is a reference to a legal entity or a particular grade of employee.
It is certainly true that Virgin sells its ‘branding’ to various organisations (“Virgin Media” is the new name for the old “NTL Telewest” cable company – Virgin have a equity holding of only around 10% of the business).
I see a great management team doing great things for the greater of their employees! You did! You have my attention and above all my respect.