The Latest in Worker Benefits: Childcare

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Rising Childcare Costs

Childcare is expensive. Everywhere you look across the nation, family budgets are stretched because of the cost of care. Enter employers, who are trying to step into the arena and provide benefits to help workers and retain talent.

According to some estimates, childcare costs more than the average cost of in-state college tuition. Plus, the pandemic shone a bright light on the need for functional care to allow parents to be full members of the workforce.

To companies who are trying to differentiate themselves to retain and attract top talent, helping with childcare is a way to appeal to a large demographic.

The Need for Care

Workers overwhelmingly feel like their employers should do more to support parents of young children, according to a joint survey by Moms First and the Adecco Group U.S. Foundation, which found 3 in 4 working mothers share this view. And a whopping 64% of mothers said they dreaded returning to work after a period of caregiving.

But the benefit landscape doesn’t reflect this. Thankfully, the number of companies providing such help is growing. Upwards and Bright Horizons, two childcare provider networks, have seen an uptick in companies both looking to expand their current benefits or offer them for the first time.
Read more reporting here.

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