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Childcare Options for Small Business Owners

Work LifeChild Care

Did you know only 6% of U.S. companies provide childcare benefits? Among working parents with a child five years or younger, 58% – or about 6.38 million – use center-based child care options, according to estimates from the National Household Education Survey. At the same time, the federal government allows no time for paid family leave.

 

This leaves many parents stressed and struggling to pay for child care options, which are estimated at $11,752 per year per child – a statistic that can dramatically increase depending on where a family lives.

 

These factors provide small business owners ample opportunity to support parents of young children. Doing so can:

 

• Reduce turnover
• Attract new talent
• Alleviate financial hardship
• Increase productivity and morale
• Cultivate employee engagement

 

Small business owners can decide on and incorporate feasible child-care options for employees by following these three steps:

 

• Learn: Talk to your employees to learn more about their needs. Do they prefer daycare options for their child/children, or are flexible work hours more amenable for their unique circumstances?

 

• Discern: Look at options for your business that are realistic and stay within your budget. Child care benefits will only be appealing to employees if they are tangible, effective and convenient. Some possibilities include childcare subsidies, on-site childcare, flexible employee schedules, predictable employee schedules, back-up childcare assistance and flexible childcare spending accounts.

 

On-site childcare or childcare subsidies can dramatically improve employee morale and reduce attrition while offering tax breaks, yet they tend to be expensive. Get creative and be flexible with work schedules for an easier – and more cost-effective – way to begin helping your employees.

 

• Implement: Give yourself some leverage by incorporating any new benefits on a temporary, or trial, basis. After six months or a year, talk with your employees to learn how the benefits have helped them both at home and at the office.

Ultimately, every small business owner wants to attract and retain top talent. Make your business a welcoming environment by appealing to parents of small children, and you’ll be one step closer toward accomplishing your goals.

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