The lack of accessible and affordable childcare costs working parents an estimated $37 billion in lost income annually. As a result, many parents are forced to reduce their work hours or leave their jobs altogether.
According to HBR article: “Childcare is not a family issue it is a business issue. It affects how we work, when we work and for many, why we work. Moving forward, employer-provided child care could also influence where we work. Employers that provide high-quality childcare will not only differentiate themselves from the competition but will also create a “sticky” benefit that fosters retention. Employees are less likely to move to a new job if it also means moving their childcare from an environment they love and trust. It is up to businesses to think creatively about ways to build the childcare infrastructure we need to help working parents keep working for their families, and the economy as a whole.”
On-site childcare benefit
In a survey by Bright Horizons, a provider that offers on-site childcare benefits, it was revealed that 90% of parents who use a full-service on-site daycare center reported increased concentration and productivity in the job.
An employee’s attention is glued to the work on hand and not elsewhere. On-site childcare provides employees with a chance to satiate their personal needs, check up on their children through the day, and be able to work with less separation anxiety.
Childcare can be expensive and tough for working parents, even in the best of circumstances. Smart and compassionate companies who recognize this help employees through this minefield.
Family-friendly policies
Flexibility and family-friendly policies in the workplace increase employee productivity, engagement and overall satisfaction, according to a recent study by researchers from the Utah Women & Leadership Project (UWLP).
Researchers found that more than 94% of companies reported higher employee satisfaction as a result of offering flexibility and/or family-friendly arrangements to employees. It also showed that 92% of the best places of employment offer remote work or flexibility with work location, and 75% offered paid maternity leave. In larger companies of 500-999 employees, 100% offered paid maternity leave, and 91% offered paid paternity leave.
An environment that supports employee’s family life improves employee engagement and productivity, and in turn contributes to commercial gains for the company. Research shows that engaged employees generate up to 43 per cent higher revenue as compared to disengaged employees and companies with highly engaged employees have the potential to improve performance by 20 per cent.12
Management and peers who support family-friendly programs and a corporate culture that values family life are important in creating a family-friendly workplace.