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The Benefits of Employer-Sponsored Child Care Benefits

The Benefits of Employer-Sponsored Child Care Benefits

Employee Benefit Plan Review

October 07, 2009

According to a RAND Corporation study on the state of California, the return on investment far outweighs the cost. For every taxpayer dollar invested in quality preschool, the public saves $2.62 in reduced special education needs, crime prevention, and other social costs.

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With the current state of the economy, coupled with rising prices in child care – the price of full-time center care for one infant increased an average of 6.5 percent from 2006 to 2007 according to the National Association of Child Care Resource and Referral Agencies – the ability for parents to pay for high-quality care and for providers to continue offering quality care is of great concern.

When parents cannot afford to pay the market rates of high-quality care, they must make alternate choices, or risk their careers and their ability to continue earning income.

LOOKING TO THE FUTURE

The workforce is constantly changing, and employers are evaluating how to change with it. In the current economy, it is as important as ever to find and retain the best employees and to ensure that dollars spent on employee benefits are spent wisely.

With the variety of employer-sponsored child care programs that are available in the market today, there is a program out there for every organization that wants to provide this important benefit to their population. Depending on the program, organizations can realize direct benefits in reducing turnover and absenteeism, increasing productivity and enhancing the corporate image as an employer of choice.

Employees and families benefit through access to quality child care programs, reduced stress, and the ability to concentrate on advancing in their careers. And any support of high- quality early education and care will provide added benefits to the community and future workforce.

Copyright Aspen Publishers, Inc. Oct 2009

© 2009 Employee Benefit Plan Review. Provided by ProQuest LLC. All rights Reserved.



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