The obligations of parenting and one’s day job are often in conflict. Both require considerable time, dedication, and commitment. For working parents, a job is essential to keep food on the table. For employers, the reality that a significant proportion of the working population is also responsible for caring for children means helping those workers find the right balance, resulting in both happy and accommodated staff.
In its 2023 National Trends Report, the Best Place for Working Parents (BP4WP) offers a comprehensive look at the evolving landscape of family-friendly benefits in the workplace. This report, developed in partnership with Empactiv Analytics, underscores the significant competitive advantage companies gain by implementing policies that support working parents. Here’s a summary of the key insights from the report and a glimpse into how these trends are being applied in practice.
On-Site Child Care: A Growing Trend with Significant Impact
One of the standout findings from the report is the rapid increase in the implementation of on-site childcare facilities. Since 2019, there’s been a 47% growth rate in businesses offering this benefit, making it the fastest-growing employee benefit. The impact is profound, with companies providing on-site child care experiencing a 7.4 times higher retention rate and fostering 8.9 times more employee loyalty. Interestingly, micro-businesses, alongside their larger counterparts, are at the forefront of adopting this transformative benefit.
The Enduring Appeal of Flexible Work Arrangements
The report also highlights the enduring popularity and necessity of flexible work arrangements. An overwhelming 96% of businesses recognized as BP4WPs offer flexible work schedules, contributing to a workplace environment that employees perceive as 123.2 times more supportive than those without such options. Remote work, offered by 93% of these businesses, correlates with employees who are 2.1 times more motivated and doubles positive health outcomes, illustrating the tangible benefits of work flexibility.
Parental Leave and Childcare Support as Talent Magnets
In the competitive talent market, parental leave and childcare support emerge as critical differentiators. The top industries within the BP4WP network distinguish themselves by offering backup child care, childcare assistance, and comprehensive parental leave policies. These benefits aid in not only attracting top talent but also retaining employees by addressing their needs as working parents.
Lin Grensing-Pophal is a Contributing Editor at HR Daily Advisor.