Most employers want to attract the best talent. Then, they want that talent to be as productive as humanly possible while on the job. Both are critical to the success of a business.
If you’ve found the recruitment market to be extremely competitive, you aren’t alone. Whether it’s an entry-level position or a job in the C-suite, it’s an employee’s market out there. To compete, companies need to up their benefits game.
An outstanding compensation package is more than good salaries, IRA contributions, paid vacation, and group health insurance. Today’s employees are holding out for employers who support a higher quality of life on and off the clock. Childcare benefits are one way to demonstrate a commitment to that.
Childcare benefits can take many forms, from onsite care to subsidies, flexible scheduling, paid leave, and more. But they all share the common outcome of strengthening your workforce.
They’re a Recruitment Magnet
Nothing says you’re a company that cares about its employees like offering childcare benefits. Even those who don’t have kids view this perk as a plus that puts a shine on your corporate image.
You can offer payment assistance to help parents pay for increasingly costly childcare. But finding providers is often a struggle. That’s especially true for childcare for infants and toddlers not yet potty trained.
Many companies have decided to provide onsite childcare, which is an even better draw. There’s something special about giving a job candidate a tour of the office to the sound of kids playing down the hall. And seeing a playground with swing sets, slides, and benches will put any interviewee in a positive state of mind.
All other compensation being equal, it’s childcare benefits that can set your company apart. That’s a competitive advantage that will attract the best and brightest in a crowded market. Make your business memorable for the right reasons.
They Improve Productivity
If parents have to choose between their children and their jobs, they’ll always choose the former. After all, raising kids is the biggest challenge and commitment they’ll ever face. And it’s one they take very seriously.
By offering childcare benefits, you’re removing the worry of childcare from parents’ minds. First, there’s the financial relief. In the U.S., the annual cost of childcare ranges from more than $5,000 to more than $20,000. That cost eats up salaries quickly.
Second, if you provide onsite care, you’re also removing the hassle out of getting to work on time. You save parents a couple of stops every day, which is especially valuable in urban areas. And it’s a tremendous plus for nursing moms and parents who want to keep their young kids close.
Taking care of business and kids is always a stressful juggling act for parents. But when employees know their children are safe and well cared for, they can focus on their jobs. That means they’ll be far more productive when they’re on the clock.
They Increase Retention and Reduce Absences
Hiring the best employees is only the first part of the battle today’s employers face. Retaining them can be just as competitive. After all, they know they can always find a place with another company in a tight job market.
But being a family-friendly business will help keep your best employees with you for the long term. By providing childcare benefits, you make it difficult for people to leave. Moreover, if your benefits include paid leave for new parents, you make it easier for them to come back.
Parents must stay home to care for sick kids or for kids whose daycare provider is sick or on vacation. Especially during certain times of the year, absences can take a heavy toll on office productivity. Offering flexible scheduling, remote work, and backup or sick-child care can keep employees at work rather than using their PTO.
No matter who they are, employees want their employers to respect them and their priorities. Parents’ priorities should always be their kids. Offering childcare benefits shows that you, too, share those values. They’ll both show up and stick around for that.
They Help Diversify the Workforce
By and large, women remain the primary caregivers for their children. Although employment numbers for women have risen slightly above even pre-pandemic levels, they still lag far behind those for men.
The cost, availability, and reliability of childcare are predominant reasons why women leave the workforce. The gender gap in pay is real. It leads most couples to decide that the mother, not the father, will stay home to care for kids. Then, the gap is exacerbated by leaving then returning to work once children are in school.
The result is that the workplace is dominated by male employees. It’s women who struggle to be outstanding and reliable employees while also handling caregiving duties. Employers have an opportunity to change this course.
By providing childcare benefits, you can bring women back to the office, diversifying your workforce. Women no longer have to choose between childcare and employment, especially when lower paying jobs won’t foot the bill anyway. Instead, it can be “bring a mother to work day” every day.
It Takes a Village
It’s true that it takes a village to raise a child. As an employer, you are part of that village. No matter what benefits you provide, it will be a worthwhile investment that yields positive returns. You’ll see them in the strength of your recruitment, productivity, retention, and diversity, which are all hallmarks of business success.