Dual-income households have been the standard in family planning for quite some time. The cost of raising children seemed to skyrocket in the twentieth century, and more parents were expected to work and pursue fulfilling careers. Employers should know that providing childcare benefits to all employees helps a business keep all the great talent that recruiters work so hard to bring in. This post will break down how you can offer childcare benefits for the benefit of your teams and their families.
The Benefits of a Sensible Culture
Though some business owners may be wary of the costs associated with even the term “childcare,” it is important to note that you may not even have to spend any money to accommodate working parents. You may work on building a company culture that welcomes flexible scheduling. By that same token, predictable schedules with proper boundaries can also ease the burden on employees with children. Knowing that the workday can be reorganized to suit days spent home from school or unexpected care needs allows employees to better focus on their job duties when present. Being a dependable presence for their children gives people the peace of mind that helps them be dependable in all areas of life.
Either way, the idea is to acknowledge that your team members have important work to do off the clock. When you reinforce that idea, you create a more equitable and desirable work environment.
Common Expenditures in Childcare Benefits
Still, you may be looking for measurable ways to provide childcare benefits, so we’ll discuss some of those too. Childcare subsidies are exactly what they sound like; monies spent out of the company’s budget to help parents pay for childcare. This option may be especially attractive to businesses that often hire employees with young families. Daycare costs until children hit pre-school age often take up a large fraction of the parents’ salaries, which may financially knee-cap the family for years. Working with local certified childcare centers to offer services at a discounted rate is a great way to even things out.
Another creative way to use company money for childcare benefits is to offer dependent care flexible spending accounts. This is a plan where parents have the option to withhold money from their paychecks pre-tax for use in childcare. A company may also choose to supplement this account by matching some contributions. As the name implies, this option gives working parents some much-needed flexibility in determining how and where their children will be taken care of while they earn a living.
Get Your Voluntary, Supplemental, and Health Insurance Policies with the MWE Partnership!
Are you a business looking to provide your employees with essential voluntary benefits? If so, look no further than The MWE Partnership. When you choose The MWE Partnership, you get experienced service and comprehensive voluntary benefit options that will meet all your employees’ needs. With over 17 years of experience, The MWE Partnership is your go-to provider for all your supplemental benefit needs. If you are interested in finding out how The MWE Partnership can help your business, contact us today! We encourage you to like our Facebook page and follow us on Twitter and LinkedIn for the latest voluntary benefit news!