The financial strains have increased in recent years. According to the children’s charity Coram childcare costs are up 6% in this year. The average cost of a nursery place for an under-two child is now PS15,709.
The government has taken steps to combat the rising costs. Recently, the government introduced a childcare initiative that allows eligible parents to receive up to 30 hours of free childcare per week for children aged three to four. Many parents find that this does not ease their financial burdens and turn to their employers to help with childcare costs. Our platform shows that our users increased their use of the employer-provided vouchers for children’s entertainment by 21% during this summer’s holiday.
This growing financial burden has an unavoidable result: the wellbeing of parents at work is deteriorating. Many working parents who are not adequately supported by their employers will choose to leave the workforce. This puts employers at risk for a talent loss. Women are more than seven times as likely to leave the workforce due to childcare responsibilities. This is a major factor in the gender pay gap.
There are many ways to respond to this, such as creating dedicated spaces for parents, or tailoring rewards and benefits for employee assistance programmes. The end result is that parents receive meaningful support from employers.
Culture of inclusion and support
It’s not surprising that many employees are trying to balance work and caring responsibilities. It is important to create a workplace culture that allows for such responsibilities. Employers should, for example, encourage parents to change their schedules so that they better fit their family’s needs. For example, employers can encourage parents to adjust their work schedules so that they better align with the needs of their families.
It is also useful to formalise flexible working arrangements, so that if parents change teams, managers or roles, any allowances for their caregiving responsibilities will follow them.
Benefits and rewards that are tailored to you
Oft overlooked, the provision tailored benefits and perks can offer financial support to parents, while also supporting a diverse, inclusive workforce.
Employers should provide a wide range of benefits and perks to employees, from vouchers for children’s entertainment to discounts at supermarkets. They can choose the benefits that best suit their financial situation, and their specific challenges.
This emphasizes the importance of each employee as an individual.
Wellbeing support
While parenting can be a wonderful experience, it can also bring with it significant financial and emotional stress.
It is important to implement an Employee Assistance Program (EAP) that addresses issues before they have an impact. An EAP must integrate prevention, early intervention and expert clinical support. If an EAP already exists that offers a comprehensive range of services, it is important to promote this regularly so that employees are aware where they can go for additional support.
The “parents network” can be created by organisations to provide a forum where those who have caring responsibilities can support one another and exchange practical tips.
Benefits offered can be simplified
Many employers offer benefits to parents. These policies are usually buried within an employment contract, or spread across several initiatives.
By offering all types of family care in one place, parents can access the full range and variety of support available. This will encourage people to use the service. Our Family Care platform ensures, for instance, that employees can access the care they need from a variety of trusted providers, whenever they need it.
It takes a village…
Employers play an important role in this community, especially during times of rising cost. Businesses can enhance their value proposition to employees by providing parents with meaningful support. They will also be able to retain and attract top talent.
