Employee well-being benefits must include childcare benefits. Competitive benefits help retain top talent and build a long-lasting and loyal team.
Employers must prioritize employee well-being to ensure their teams stay happy and healthy enough to continue to work. Fortunately, employee well-being isn’t as elusive as it might sound—it can be achieved through a simple positive work-life balance shift. It’s no surprise to learn that employees have reassessed their values and want to prioritize their families after the last few years of global hardship.
More companies are providing benefits to parents and employees to address workers' needs. Companies can provide several benefits, including backup childcare, daycare services, and childcare stipends. These benefits can break down barriers that keep some top potential talent out of the workforce. Childcare stipends are a great way to support employees regarding childcare, for one.
Best of all, offering your employees these kinds of benefits will return the favor to your company tenfold. That’s because employees whose personal needs are met output greater productivity. Simply put, those who feel cared for can better return that care.
Why Employee Wellbeing Matters
As companies, we should care about our teams and our people. Caring for your team can directly reflect your brand identity and company values. However, beyond your values as an organization, prioritizing employee well-being also prioritizes your company’s well-being. Distracted, uncomfortable, or physically unwell employees tend to have lower productivity and higher absenteeism rates. Employers are rethinking their benefits to meet the needs of remote workers, such as families, children, pets, and mental health. Benefits and benefit flexibility may be needed to accommodate employees' unique needs and lifestyles.
Offering benefits and perks is vital to supporting your team, especially a remote workforce. Work-life balance is an essential need for employees. Companies should consider offering telecommuting, on-site daycare, flexible working hours, flexible lunch times, and the ability to leave early if needed. These benefits all help support your employees with busy lives and families outside of their families.
How Childcare Benefits and Stipends Help
Offering healthcare coverage, life insurance, and compensation can help companies stand out in a competitive hiring market and increase employee engagement and retention. Gain an even more competitive edge by offering your employees additional, unexpected benefits that support their daily lifestyles. Childcare benefits and stipends positively impact employee well-being and organizational success by reducing absenteeism and turnover, combating employee burnout, and increasing employee satisfaction and loyalty. These perks encourage employees to participate in fun experiences outside of work, which ultimately rejuvenates them to give their A-game when they return.
Why Should Employers Provide Stipends?
Employers are providing stipends for childcare services to employees, such as childcare assistance, backup care, and childcare stipends. Working families are seeking more flexible childcare options to prioritize their overall needs. Employers can prioritize employee well-being by providing a set amount of money to employees for childcare expenses, as it is expensive and difficult for families to afford quality caregivers. Subsidies are available to those who need to leave their jobs to care for their child. Extended childcare benefits reduce absenteeism, improve loyalty, combat burnout, and drive a competitive edge.
Reduces Absenteeism and Turnover
Unplanned absences at work are a significant concern among employers, as absenteeism can lead to employees missing time at their jobs. If you want to reduce absenteeism and turnover rates, provide employees with childcare benefits. Childcare benefits promote employee well-being by helping find resources that save time and reduce stress levels. Less stress and more time lead to improved time management and energy. Stipends mitigate financial stress around finding childcare providers while also giving your employees the freedom to choose programs best suited to them.
Improves Organizational Health and Build Loyalty in Your Team
Prioritize employee well-being and build loyalty by providing childcare benefits. Childcare support leads to longer-term satisfaction, greater commitment to their roles, and better outcomes for families. Home daycares, also known as family childcare or in-home daycare, provide affordability for working families and their employers. Although the upfront costs of these benefits seem prohibitive, companies experience drawbacks from opting out. Building a loyal and robust team through appropriate benefits can build a healthy business and reduce the long-term costs of turnover.
Combats Employee Burnout
Offering childcare benefits and stipends promotes employee well-being by combating employee burnout, improving mental health, and increasing productivity. Parents make up a substantial part of the workforce. These parents are often in middle and upper management positions and, as such, are juggling the demands of both their workloads and home responsibilities. Caregivers can feel like they are simply working nonstop and experience a higher burnout rate than their counterparts. With childcare support, working parents can worry less about their family’s daily needs and find opportunities for their self-care and well-being.
Gives You a Competitive Edge in Talent Acquisition
Top talent will not only be examining the salary you offer but the quality of the benefits you offer. Many potential hires will choose high-quality benefits over a slightly higher salary. Most employers provide healthcare and disability support for their families. Offer childcare benefits to employees for a competitive edge in attracting and retaining top talent, increase job satisfaction, boost morale, and reduce absenteeism, especially in a tight labor market. Supporting working parents with an employee childcare benefits program also helps cultivate a more inclusive workplace for single parents who have had to contemplate leaving their jobs due to childcare challenges.
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Forward-thinking, morally-driven companies provide their employees with well-rounded benefits, full stop. Doing so helps break down barriers that often prevent parents from excelling in or joining the workforce altogether, such as backup childcare, daycare services, and childcare stipends. These benefits can lead to increased productivity and a near-immediate return on investment for employees. They can also provide childcare benefits, stipends, healthcare coverage, life insurance, compensation, and perks. Offering childcare benefits can also positively impact employee well-being and organizational success. Employers offer childcare benefits to attract and retain top talent, increase job satisfaction, boost morale, and reduce absenteeism.
Here’s the best part: your company can enjoy all of those benefits and be a genuinely great place to work while doing it. At Call Emmy, we’ve got what it takes to get you there. Call us now to learn about our industry-leading childcare, chores, and services.