Consider Offering Child Care Benefits
With so many parents working outside the home, finding adequate, affordable child care is a struggle for many families.
To assist in finding reliable child care that families can afford, many employers offer child care benefits to their employees.
Offering these benefits not only helps your employees, but it also helps your business as a whole by serving as a valuable recruitment and retention tool.
There are a few different options for offering child care benefits to your employees. You could offer onsite child care, or you could offer a discounted rate to a nearby child care center, either by working out a group rate with the child care center, or by covering a portion of each employee’s child care costs.
Here are a few of the reasons why it might be to your advantage to offer child care benefits:
- Employees with children are less likely to accept different job offers if they have to give up child care benefits.
- Employees’ loyalty to their employers increases with the quality of the benefits packages offered.
Employees with children are less likely to accept different jobs if they have to give up child care benefits.
Child care services often pay for themselves by reducing turnover rates.
Employers may reduce turnover costs by as much as $500,000 per year if they retain 10 employees per year at a cost of $50,000 per turnover (this cost may include training time and resources, signing bonuses, supplies and more).
Your employees, on the other hand, value child care benefits for other reasons:
- On-site or discounted child care is less of a burden on families, helping to decrease stress levels—employees with fewer worries outside of work are often more productive at work.
- On-site or nearby child care allows for shorter commutes, allowing parents to spend more time with their children.
- It is hard for many parents to leave their children during the day—especially when returning to work after being stay-at-home parents. Knowing that their children are nearby can make this transition easier.
- With on-site or nearby child care center, parents may be able to visit their children throughout the day. For mothers who are breastfeeding, this may be extremely beneficial.
- Absenteeism may decrease, as a large number of unscheduled absences are related to family needs (babysitter is sick, need to take child to an appointment, etc.). With on-site or nearby child care, however, if an issue or concern arises with a child, the parent can be contacted and attend to the child quickly and easily.
While worksite child care and providing child care discounts are substantial investments for employers, they have the potential to become major recruiting and retention tools.
Consider offering child care benefits to help your employees and your business.
Contact Nico Insurance Services, Inc. for more information on this benefit offering.(619) 667-2111