1. Childcare Subsidies
- Businesses can subsidize childcare costs to reduce the cost.
Childcare subsidies can be an effective, moderately affordable way to decrease the parenting burden of employees.
Two ways can employers offer childcare subsidies:
- Direct payments can be made to children’s parents. The money can be spent however the worker chooses.
- You can partially subsidize childcare at certain care centers and with certain childcare workers. Employers and employers share the childcare costs.
An employer that pays half the childcare costs for two children under five years old can expect to spend approximately $10,000 annually on each employee.
2. On-Site Childcare
Employees have access to a company-sponsored childcare center at their workplace. Daycare in-office can be provided during or after the school day.
Businesses can get a high-quality, but expensive, on-site childcare.
Companies that want to offer childcare on-site should decide if this is something they are interested in:
- A contract childcare service provider from outside
- Manage their own childcare staff
- Offer employees “tuition” and other services
In general, large companies like Cisco, Patagonia and Home Depot are more likely than smaller ones to offer childcare on-site.
Cisco contracts with Kindercare to provide on-site childcare services at its San Jose office. Daycare is available to children aged 6 weeks to five years. After-school and summer programs for children who are school-aged are also offered.
On-site childcare can be a costly investment, despite tax benefits and better employee retention. On-site childcare programs should be expected to cost at least $500,000 annually by companies.
3. Flexible employee schedules
Employees are very concerned about their work schedule. More than 4 out 10 workers (41%) believe that flexibility is the most valuable perk.
- Flexible work schedules can also be a cost-effective and affordable childcare benefit.
- These allow working parents to be able to work while still attending their children’s activities.
Telecommuting has become more popular and employees can work from home. Businesses don’t have to pay extra for flexible working hours.