The Benefits of Offering Family-Friendly Benefits to Employees
In today's competitive business world, it's more important than ever for employers to attract and retain top talent. One way to do this is to offer family-friendly benefits that support working parents.
There's a growing body of research that shows that businesses that offer flexible work arrangements, paid parental leave, and other family-friendly benefits enjoy a number of financial and productivity benefits.
Lower Turnover Rates
One of the most significant benefits of supporting working parents is that it can help to lower turnover rates. Working parents who have access to family-friendly benefits are more likely to be satisfied with their jobs and less likely to leave their employers.
When parents are able to balance their work and family responsibilities, they are more likely to be engaged and productive at work. They're also less likely to be stressed out, which can lead to health problems and absenteeism.
Higher Employee Satisfaction
Another benefit of supporting working parents is that it can lead to higher employee satisfaction. A study by the Families and Work Institute found that employees who have access to flexible work arrangements are more likely to be satisfied with their jobs than those who don't.
Flexible work arrangements give employees more control over their work-life balance, which can lead to a better quality of life. When employees are happier and healthier, they are more likely to be productive at work.
Finally, businesses that support working parents can also enjoy increased productivity. This is because flexible work arrangements allow employees to work when they are most productive, which can lead to a more efficient use of time. When employees are able to get their work done without having to worry about childcare or other family responsibilities, they are more likely to be productive at work.
There are a number of case studies that illustrate the financial and productivity benefits of supporting working parents. A study conducted by Working Families, a UK charity, revealed that 86% of employers reported a decrease in unplanned absences after implementing family-friendly policies, such as flexible working hours and parental leave.
Studies have also shown that supporting working parents can lead to an increase in employment rates, particularly for mothers. For example, a study by the Institute for Fiscal Studies in the United Kingdom found that providing free childcare to working parents could increase the employment rate of mothers with young children by 1.5 percentage points.
Additionally, research has also shown that government subsidies that reduce childcare costs paid by working parents can encourage mothers, particularly single mothers, to get a job or work more hours. This can lead to increased economic activity and tax revenue.
If you're an employer who is looking to attract and retain top talent, improve employee satisfaction, and increase productivity, then you should consider offering family-friendly benefits.
There are a number of different benefits that you can offer, such as flexible work arrangements, paid parental leave, and on-site childcare.
Join 1000's of families learning at home
Get 3 months of free access to our award-winning nursery education app.