KeyCorp Lengthens Parental Leave, Boosts Benefits to Keep Talent

(Bloomberg) -- KeyCorp is “dramatically” increasing the length of parental leave for employees and offering more flexibility for working remotely as part of a number of measures to help retain talent, Chief Executive Officer Chris Gorman said.

“We’re flexible with our employees, we trust our employees,” Gorman said in an interview Wednesday. “The other thing we’re constantly doing is looking at our benefit package.”

On top of offering lengthier maternity and paternity leave and insurance against identity theft, the bank is implementing a new return-to-work policy. Half of the workforce will be expected in the office for four to five days a week, 30% will be in three days or fewer, and about 20% will primarily work from home. Gorman said there was less turnover at the company in 2021 than in 2019, but declined to provide specifics.

Read more about KeyCorp’s hiring

Major banks are grappling with a new era of remote work ushered in by the pandemic and discontent among junior bankers unhappy with long hours and hefty workloads. KeyCorp hiked wages for investment bankers and offered some investment-bank employees a retention bonus in June.

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