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.
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.
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.