Given the tight labor market that has emerged in the post-pandemic era, you need to take every step possible to appeal to top candidates. That includes working parents attempting to regain their career footing following COVID disruptions. To better position yourself for these candidates, should you add childcare to your employee benefits package?
These programs certainly make a big difference for the parents involved. The average cost of daycare in the U.S. runs at just under $12,000 a year, or around $1,000 a month, per child. That’s a huge financial burden for the parents you have on your payroll.
However, these statistics don’t quite capture the cost. Most families have multiple children, with about 20% of parents caring for at least three kids. That means that about one out of every five of the working parents on your payroll has a daycare bill of at least $3,000 a month.
Benefits of Providing Childcare Assistance
Supporting your working parents as they fulfill their personal responsibilities may boost your sense of moral worth. But how can it help pay the bills? Like it or not, you have to approach the consideration of benefits with a practical eye. You need to think about ROI before you can devote resources to a particular offering.
Luckily for everyone involved, your business receives advantages by implementing programs to support the working parents on your payroll. Here are a few benefits you can receive from providing childcare assistance:
Working parents make up a large part of the labor force. About 40% of all families have children under 18, according to government statistics. Meanwhile, the same data suggest that just under half (45.5%) of married couples with children have both spouses employed.
That means that two out of every five of your job candidates will be worried about childcare to some extent. A big chunk of these will involve families trying to juggle two professional schedules at once. By offering childcare assistance, you make yourself more attractive to these working parents.
Broader Talent Pool
Offering childcare options makes it more likely that parents will accept your job offers. However, the benefits start even before the offer stage. By offering childcare options, you increase the number of people who can consider a role with your firm.
For some working parents, childcare assistance represents a nice perk. For others, it’s essential. Think about single parents or at-home parents who need to work around a spouse’s established work schedule. You tap into new reservoirs of talent by making it possible for these potential candidates to apply for a position with your organization.
Types of Potential Childcare Assistance
It’s important to remember that providing childcare assistance isn’t an all-or-nothing proposition. You have several options to consider as you think about these benefits. Here are a few components that can be part of a childcare assistance program:
- Flexible schedules
- Remote working options
- Part-time/contract employment
- Unlimited PTO
- Dependent care flexible spending accounts
- back-up childcare assistance
- Onsite/discounted childcare
As you can see, these don’t all involve a cash outlay on your part. You can offer support to the working parents in your company through multiple individual benefits. Plus, at least a few of these can apply to candidate in general, making you universally more appealing to job seekers.
As you look to build the best team possible, expert guidance can help you maximize your recruitment program. A top staffing firm, like PrideStaff, can bring you the talent you need to take your business to the next level.
Contact PrideStaff today to find out more.