Flexible childcare benefits offer a critical competitive advantage

 (Photo: Shuttersotck)

There is nothing more stressful for working parents than a lack of affordable childcare solutions. Parents who struggle to balance their professional and family lives often experience stress and burnout, which can lead to turnover. Beyond the pain this inflicts on families, it also imposes tremendous costs on companies, from lost employee engagement and productivity to the financial burden of hiring and onboarding new people.

As employees are returning to the office and companies move toward a hybrid model, employers are updating their benefits policies to meet the need for childcare. While childcare services require an upfront investment, they have the potential to generate significant value over time and offer a major competitive advantage by increasing employee morale, performance, and ultimately retention. To maximize the ROI of childcare services, HR teams should make their benefits packages more flexible to help parents cover costs more easily.