Should you be offering corporate childcare benefits to snag the best hires?
Hint: the answer is Yes.
Corporate childcare benefits are becoming more common at all levels, from small start-ups trying to attract talent with quality of life perks to large conglomerates who understand that the success of their operations depends on a seamless and reliable workforce. But if you don’t have kids or have a partner who handles the childcare situation, it might be hard to see how the expense of childcare benefits is actually an investment that pays off. Here are a few reasons why you should consider offering childcare contribution as part of your benefits package - and how it can pay off big time, in the long run.
Because you are a CEO who cares.
This reason really is valid enough on its own. By offering corporate childcare benefits to your employees, you demonstrate that you care about them, their personal lives, and the obstacles that they face in getting their day-to-day running smoothly. Showing that you are empathetic to the humans who work for you doesn’t need a reward, but frankly you will probably get one in the appreciation of your staff.
Because it’s good for your business.
The bottom line is you’re always trying to weigh any investments against their potential returns, so if being a CEO who cares isn’t reason enough, here are some financial incentives.
Attract top talent. Parents make employment choices based on what works best for their families - by actively working to support families, you show your employee that what works best for them is working for you. In a report by the US Chamber of Commerce Foundation, 83% of millennial parents (the largest group of people currently having children) said they would leave their current workplace for one with more family-friendly benefits.
Retain talent. At a time when the job market is tumultuous, to say the least, holding on to great hires is a constant source of stress for employers. Studies have shown that providing childcare services can reduce job turnover by up to 60%. Providing childcare benefits also increases your chances of new mothers returning to their positions in your company after maternity leave, keeping all their knowledge and experience under your roof.
Reduce employee absences. You know that every day one of your employees is out is a day you are losing money. While sick days are inevitable, calling out because childcare fell through is not. Companies in the U.S. lose $3 billion a year as a result of employees’ childcare solutions falling through, and studies have shown that providing childcare can reduce employee absence by a whopping 30%.
Happier employees means better work. Your employees’ children are the light of their lives (even during the terrible twos!), and worrying about their kids’ wellbeing keeps them up at night more than anything else. By ensuring that their childcare needs are met, and that parents aren’t stretching themselves thin, you all but guarantee better output from your employees when they’re at work. Happier, calmer employees translate directly to a more productive, creative, collaborative, and positive work environment, and you can take that straight to the bank.
Your reputation precedes you. Employees talk. With each other, with former colleagues, with others in their industry. If you demonstrate that you are a CEO who cares, word will get around to other professionals who may be looking for better work-life balance and a more realistic and humane employer than they have today.
Smart Sitting has been providing corporate childcare in various iterations for large and small businesses for many years, and we understand how reliable childcare can make a difference for both your employees and the future of your organization. We have also partnered with Bright Horizons, one of the nation’s largest providers of corporate sponsored childcare, to provide families with employee-paid backup care when their regular childcare solutions are unavailable. In the past year alone, SmartSitters have provided over 20,000 hours of corporate backup care through Bright Horizons. You can learn more about our services here.
If you are interested in learning more, do not hesitate to contact us today and get a dedicated director handling all your childcare needs from start to finish.