The Benefits of Employer-Sponsored Child Care Benefits
Employee Benefit Plan Review
October 07, 2009
Maintaining a population of skilled, productive workers is a continual challenge for employers. For working parents, their challenge is often related to sourcing convenient, quality child care solutions. Today, many employers are stepping into this work-life challenge and have begun offering child care benefits that support the work-life balance of employees.
And, despite budget crunches and space constraints that many companies face today, there are numerous options to meet the needs – and budgets – of employers both large and small. Regardless of size, employers have found that these benefits can produce a win-win solution resulting in loyal, satisfied employees that improve an organization’s overall productivity and reputation in the market, as well as provide long- term benefits to the overall community.
By supporting retention of employees, reduced absenteeism, and increased productivity, these programs also generate a substantial return on investment – a key factor when employers look at which benefits they should be offering in today’s economy.
EVERY EMPLOYER IS DIFFERENT: FINDING THE RIGHT SOLUTION TO FIT EVERY ORGANIZATION
Employee Benefits: What You Need to Know
According to Hewitt Associates, 98 percent of major U.S. employers surveyed offer some kind of child care assistance to their employees. These programs are varied and range in scope, scale, and focus. Many of these employers found that the most important criteria to evaluate when developing a child care benefit solution is that it must adapt to meet the unique needs of parents and the goals of the organization.
One-size-fits-all child care solutions miss the ability to account for the diversity and personal needs of a company’s workforce.
The options are broad for employers, to accommodate the myriad of considerations at an employer’s organization. For example, employers with large concentrations of employees in one place, along with land or the ability to fund capital projects, may choose to offer an on- site or near-site child care center.