Money managers loosened corporate policies and enhanced existing benefits to look out for the physical and mental health of employees during an extremely challenging year, said executives of firms placing in Pensions & Investments Best Places to Work in Money Management program.
Firms that placed among the 94 winners in 2020 specifically took steps to bolster their support of employees during the pandemic and amid a global outcry over police brutality and racial inequality.
In response to the unprecedented events of 2020, Los Angeles-based Capital Group Cos., which had 7,013 U.S. employees and $1.9 trillion in assets under management as of June 30, provided three paid days off this year for employees to use for either COVID-19 testing or time off for mental health. Capital Group ranked first among companies with 1,000 or more employees in the Best Places program.
Employees also received 10 paid days off if they are diagnosed with COVID-19, and six paid days off for “family care,” or family needs that came up as a result of the pandemic, said Sally-Ann Tschanz, senior vice president and co-head of human resources.
Ms. Tschanz, who is based in Geneva, said Capital Group initially gave employees three paid days off in March for family care, and then added an additional three days in September.
“We got a positive response (from employees) for that,” she said, noting that many employees with child-care responsibilities as well as responsibilities for elderly family members in assisted living facilities needed the additional time off.
Regarding the three paid days off for mental health, Ms. Tschanz said the employees could have used it for a host of reasons, even if they were “struggling with just being locked down” this year.
“Everybody’s experience of lockdown has been so different. It’s been important to meet people where they are with that. This was a way to help people take days if they need it, that didn’t come out of their sick bank … and without them having to provide medical documentation,” Ms. Tschanz said.