News
Phoenix Enhances Employee Benefits With Paid Paternity Leave, Increased Adoption Assistance
HARTFORD, Conn.-(Business Wire)-April 17, 2007 - The Phoenix Companies, Inc. (NYSE: PNX), a pioneer and recognized leader in family-friendly policies and programs, has enhanced its employee benefits package with paid leave for new fathers and increased adoption benefits.
As a result of these changes, Phoenix will now provide three weeks of paid paternity leave upon the birth of a child. Phoenix has also increased its adoption reimbursement to $9,000 from $5,000 ($10,000 for a special needs adoption), and its paid leave for new adoptive parents to three weeks from one week. Employees with at least one year of service are eligible for these enhanced benefits.
Bonnie J. Malley, executive vice president, Human Resources, Corporate and Marketing Communications and Corporate Services, said the enhanced benefits are part of Phoenix's commitment to providing a supportive work environment that makes it possible for employees to progress in their careers while taking care of the personal priorities in their lives.
"Phoenix's benefits programs and flexible work arrangements have been recognized nationally and locally and are an important part of what makes the company an exceptional place to work," Malley said. "We're particularly pleased to introduce paternity leave and the enhanced adoption benefits because both of these enhancements were suggested by employees."
Phoenix is among a select group of U.S. corporations to offer these benefits. Surveys by the nonprofit Families and Work Institute and the Society for Human Resource Management have found that between 13 and 16 percent of companies in the U.S. offer paid leave for new dads, while about 41 percent of major U.S. employers offer financial adoption benefits, according to Hewitt Associates.
Phoenix has been recognized for providing innovative work/life benefits and programs by organizations such as the National Association of Female Executives, The Princeton Review, and Working Mother magazine. In 2006, the company was inducted into the Working Mother Hall of Fame following 15 years as one of the magazine's "100 Best Companies."
Earlier this year, Phoenix was named one of the 25 "Best Places to Work in Connecticut" through a program sponsored by the Connecticut Better Business Bureau, the Hartford Business Journal, and Best Companies Group. It is one of only seven companies named in the "large company" category and the only life insurer honored this year. The program, now in its second year, recognizes the best employers in Connecticut based on an evaluation of each company's workplace policies, practices, philosophy, systems and demographics, as well as a survey of employees.
"We are proud to be named one of the state's top employers because it recognizes our focus on creating a performance-based culture that respects and rewards employees at all levels of the company," Malley said. "Our emphasis on being a great place to work has helped us attract smart and talented people and build a company that is committed to doing what's right for our customers, shareholders and communities, as well as our employees."
With roots dating to 1851, The Phoenix Companies, Inc. (NYSE:PNX) helps individuals and institutions solve their often highly complex personal financial and business planning needs through its broad array of life insurance, annuities and investments. The company's products and services reflect deep insights into the wants and needs of consumers and financial professionals gleaned from research, including its Phoenix Wealth Survey, conducted annually since 1999. In 2006, Phoenix had annual revenues of $2.6 billion and total assets of $29.0 billion. For more information, visit www.phoenixwm.com.
Note to editors: Interviews are available with Malley and with Phoenix employees who are eligible for paternity leave and adoptive leave benefits. Contact Joe Fazzino at 860-403-6015 or joe.fazzino@phoenixwm.com
