Being an accountant and a parent is hard.
While the public practice workplace has made huge strides towards creating a better work-life balance for its staff, family leave is still unchartered territory for many firms.
Until now.
In September 2024, Deloitte UK has announced a new policy of 26 weeks’ fully paid family leave for all its new parents.These plans will come into effect from the 1st of January 2025.
This landmark move is a bold statement of Deloitte’s commitment to its staff. It represents a significant shift in the accounting profession, especially for those working within public practice.
As the first Big Four firm to offer comprehensive family support, Deloitte is setting a new benchmark for how firms can help their staff. The research commissioned by Deloitte shows that such policies aren’t only appreciated – they’re essential for attracting and retaining top talent.
A Game-Changer for Accountants
Deloitte’s bold move isn’t just a gesture of goodwill; it’s grounded in concrete research about what working parents want and need from employers.
A recent YouGov studycommissioned by Deloitte reveals key insights into how family leave policies impact employees’ decisions.
Findings include:
- Nine out of ten (87%) working parents say family leave is a major factor when choosing an employer;
- Over half of working mothers (57%) have had to reduce working hours because of their co-parent’s workplace inflexibility;
- More than half (54%) of working parents say they would consider leaving their jobs for improved work-life balance
In a competitive market where firms vie for top talent, offering substantial family leave can be a differentiator.
For accountants in public practice, who often deal with high stress and long hours, knowing their firm supports family life through comprehensive policies can be a deciding factor when choosing where to work.
It’s not always just about offering higher salaries or progression opportunities. Accountants want their personal lives to be valued and acknowledged as well.
Richard Houston, Deloitte Senior Partner and CEO, comments: “I’m proud of the changes we’re announcing today. They demonstrate both the significance and value we place on looking after our people during some of the most important moments in their lives, as well as our added commitment to equality.”
The Impact on Women within Public Practice
One of the more striking findings from Deloitte’s research is that 57% of working mothers have had to reduce their working hours due to their co-parent’s workplace inflexibility.
Even more shockingly, 61% of working mothers say that if their partner had more flexibility in their job, it would help them progress. 57% of working mums reveal that they have had to reduce their working hours because of their co-parent’s rigid work responsibilities, which is more than double the number of working fathers (25%).
We’ve spoken about the gender pay gap in public practicebefore, but these statistics really emphasise the persistent gender inequality in how family responsibilities are distributed, often leaving women with the burden of adjusting their careers.
Deloitte’s new policy offers a solution to this challenge by providing equal family leave to all parents, regardless of gender. This not only alleviates the pressure on women to shoulder the majority of family responsibilities but also encourages co-parents to take on a more active role.
If more firms follow Deloitte’s lead, it could lead to a broader cultural shift within public practice, helping to dismantle the traditional gender roles that often hold women back in their careers.
Beyond Parental Leave
Deloitte’s equal family leave policy offers more than just 26 weeks’ paid leave. The package also includes paid time off for neonatal care, caring responsibilities and fertility treatment.
These additions reflect the evolving needs of modern families and show that Deloitte understands that its workforce may face a range of family-related challenges throughout their careers, not just during the arrival of a new child.
In a job where work can often spill over into personal time, giving accountants the flexibility to care for a sick child, support an elderly parent, or undergo fertility treatment without financial penalty is a huge milestone. Deloitte’s holistic approach acknowledges the realities of balancing professional and personal life.
Jackie Henry, Deloitte Managing Partner, said: “These findings underscore the urgent need for employers to adopt policies that support all parents in balancing work and family responsibilities, ultimately fostering greater gender equality in the workplace. We know that equalising paid parenting leave for all parents is an important step in improving gender equality and in giving families the opportunity to share responsibility right from the early days of parenthood. This move demonstrates our ongoing commitment to greater equality in family responsibilities – and will make Deloitte an even more family-friendly place to work.”
Public Practice, Listen Up!
The evidence is resoundingly clear…
Working parents prioritise family leave when choosing and staying with an employer.
So why aren’t all firms offering the same policy as Deloitte?
Ultimately, employers that adapt accordingly to the needs of their staff will be better positioned to attract and retain talent.
As the accounting profession evolves, firms that embrace similar policies will see improvements to employee satisfaction and retention and will also contribute to a more equitable sector.
It’s time for other accountancy firms to follow Deloitte’s lead and prioritise the well-being of their people.
Are you an accountant looking to join a firm that offers a good work-life balance?
Do you have caring responsibilities that you need your employer to support you with?
Want to start a family but feel like your current professional responsibilities are holding you back?
At Public Practice Recruitment Ltd, we work with progressive and forward-thinking firms across the UK that understand the importance of supporting their employees’ personal lives, including offering parental leave and a strong work-life balance.
If you’re an accountant looking to join a firm that values family-friendly policies and offers the perks you deserve, we can help you secure opportunities with employers who are committed to these principles.
And it all starts with a conversation!
Reach out to our team today and take the next step toward a more balanced practice career.