|As an HR professional or Business Owner, it is imperative that you stay up to date on current workplace issues and navigate actionable solutions you can implement to improve your organization. One of those solutions should be helping to solve Child Care challenges for employees. With many businesses today facing staffing shortages, it’s no secret that enhanced family benefits packages such as employer-sponsored Child Care are becoming the de facto recruitment and retention tool. Below are five top reasons to convince your boss that employer-sponsored Child Care makes good business sense. |
#1 – Child Care Benefits Will Improve Your Recruitment and Retention Efforts Lifting the constant financial and emotional burden of working parents (such as Child Care challenges) will no doubt raise the bar on the caliber of employees you attract and retain. Employer-sponsored Child Care creates a working environment where parents feel supported and encouraged to advance in their careers. Giving employees better access to quality and affordable daycare options also enables gender equality and a more diverse workforce, and lays the groundwork for the next generation of workers. The Gen Y’s and the Gen Z’s understand how imperative family support services are and they are interested in talent-driven organizations that appreciate people. Child Care benefits can enhance your company’s reputation and make you more attractive to top talent today and tomorrow. Differentiating yourself is key to success. And that starts with taking care of your people with attractive benefits. Stop and think, what is important and how can I attract good talent looking for a unique opportunity?
Fact: 81 percent of Gen Z and Gen Y’s believe that access to affordable, high-quality Child Care is an important issue. By 2025, 75% of the global workforce will be millennials.
#2 – The Return On Investment (ROI) from Child Care Benefits is Massive Let your boss know you are committed to finding cost-savings for the company; that’s why Child Care benefits are a win-win. Providing Child Care support for your employees can significantly reduce turnover and absenteeism. Nationally, lost earnings, productivity, and revenue due to Child Care challenges for businesses total $57 billion annually. Companies also experience better ROI by offering benefits such as Child Care, rather than doling out small raises. Consider this: When an employee gets a raise, both she/he and the employer take a tax hit. For the employer, it means more payroll taxes for a higher salary. However, offering Child Care as a Benefit can provide tax advantages since your contributions to employee-sponsored Child Care are typically tax deductible. Employees also enjoy 100% of the Child Care benefits, rather than being taxed on their monthly salary.
Fact: Employee turnover costs from working parents dropping out of the workforce can exceed 213% of their annual salary.
#3 – Child Care Benefits Boost Productivity & Morale – Even for Employees Who Aren’t Parents!
Managing Child Care and a full-time job at the same time is often too stressful and expensive for working parents. By offering Child Care as a Benefit, employers can enable their staff to be more present and productive. By nurturing your company culture by providing daycare assistance, you help your employees thrive because they feel supported and valued. Six benefits of elevated morale: Increased communication and teamwork Less employee absenteeism Improved focus on work and increased creativity Fewer workplace related injuries Higher job satisfaction Less work-related stress
Fact: Employees with access to Child Care benefits report an increase in work-life balance and engagement.
#4 – The Reward for Implementing Child Care Benefits Aligns With Company Goals
Providing family-friendly benefits such as Child Care will help encourage employees to align their career and personal goals with your company’s vision, which provides long-term value and impact. That’s because employees who identify as aligning the company’s mission and vision with their own roles in the organization are more willing to help you succeed.
Fact: 69% of parents say that the cost of Child Care has impacted their career decisions.
#5 – Child Care Benefits are the Easiest Benefit You Can Add – With the Biggest Impact!
Employers can easily and seamlessly incorporate Child Care Benefits into their existing employee packages without the administrative burdens that typically come with running benefit programs. By partnering with TOOTRiS, forward-thinking employers give their staff real-time access to thousands of quality Child Care options near their work or home, solving the plight of working parents, even for temporary slots and drop-ins.
Fact: 51% of working moms and 43% of working dads report they aren’t giving 100% to their job because of parenting challenges. The bottom line: We need to build cultures in our organization that support work-life balance, including Child Care as a Benefit. Our workforce of today and tomorrow demand it, and our company’s success depends on it.