(Bloomberg) -- Morgan Stanley made sweeping changes to its employee benefits including increasing parental leave and allowing some employees to buy its stock at a 10% discount amid intense competition for talent.
The firm, flush with cash after a run of stellar profits, will give parents at least 16 weeks of paid leave -- a benefit that applies to births, adoptions, foster care or surrogacy, according to an internal memo obtained by Bloomberg.
Among the other changes:
- Increasing its maximum 401(k) match to 5% from 4% of eligible pay, unless workers receive a 2% fixed contribution or their eligible pay exceeds $275,000
- Employees will receive medical leave post-pregnancy resulting in a minimum of 22 weeks of paid leave related to pregnancy
- Employees are eligible for four weeks of paid leave to care for a family member with a serious health condition
“Our priority is to make the firm an even more rewarding place to work — from helping you plan for your financial future to protecting your health,” Mandell Crawley, Morgan Stanley's chief human resources officer, said in the memo.
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