BP plc (ADR) (NYSE:BP) is adding to the basket of health and welfare benefits for its employees as it seeks to improve its ability to attract and retain top talent.
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The British oil company is already well-known for its top-notch benefits. Now, U.S. employees will be eligible to receive paternal leave after the adoption of a child, and reimbursements for special therapy for autistic children and transgender reassignment surgery, required to change the anatomy of a man to that of a woman, or vice versa.
The company increased maternal leave from six weeks to 10 and now offers two weeks of paternal leave.
“We have a very broad population with lots of needs,” said Karl Dalal, BP’s director of benefits. He said the energy producer saw employees asking for broader benefits. BP management recognizes it has a changing workforce that is younger, more diverse and with different needs then previous generations of staff.
The news comes on the heels of an announcement by the Netherlands-based Royal Dutch Shell plc (ADR) (NYSE:RDS.A, RDS.B) announced a new global minimum standard of 16 weeks paid maternity leave.
BP is reported to have an employee turnover rate of 12%, low compared to the U.K. average. However, the turnover cost on annual salary on average is 40% for mid-range positions, according to industry analysts.
The British energy giant has about 74,500 employees across 72 countries of operation, according to its most recent annual report to BP stock holders.