The continuously evolving landscape of a modern workforce demands that employers prioritise the support of working parents. Childcare and family support are now acknowledged as critical elements that contribute to the overall well-being and productivity of employees.
In Australia, several initiatives and employee benefits have been introduced to assist working parents in achieving a healthy work-life balance. To support HR and employers navigate the changing desires for childcare and family support, Paytime has put together a comprehensive outline of the employee benefits modern organisations are adopting.
Affordable and high-quality childcare services remain a significant concern for many working parents, often spending a substantial amount of their income on day care and nannying. Recognising this need, several employee benefits have been developed to address childcare challenges. Here are some initiatives and benefits that employers can consider:
Workplace Childcare Facilities: Depending on the percentage of parents in your workforce, it’s worthwhile considering on-site childcare facilities to ease the financial burden of coming into working and leaving children behind. Alternatively, you may consider collaborating with local childcare centres. This offers convenience and peace of mind to working parents, enabling them to switch their focus to the work day ahead and be more flexible with work arrangements as their children are in close proximity and operating on the parents’ schedule (instead of having to pick children up at a certain time).
Childcare Subsidies: Financial assistance may also come in the form of subsidies or reimbursements for childcare expenses, which significantly alleviates the burden on working parents. These subsidies ensure that employees can access quality childcare services and work without mental distractions in the form of worrisome thoughts without compromising their financial well-being.
Flexible Work Arrangements: Including flexible work arrangements in your employment package, such as remote work options, flexible hours or compressed workweeks, greatly benefits working parents and enables them to better manage their responsibility to their employer (you) and their responsibility to their family. Through offering much needed balance, flexible working arrangements improve your employees mental wellbeing and quality of life, thus promoting a positive work environment and encouraging productivity.
Family Support Benefits:
Aside from benefits pivoted towards childcare, employers can implement family support benefits to create a family-friendly workplace environment. These benefits not only contribute to the well-being of working parents but also promote employee engagement, retention and productivity.
Below are our recommended family support benefits:
Paid Parental Leave: Offering paid parental leave allows employees to take time off work to care for their newborn or newly adopted child without worrying about their financial stability or feeling pressured to either return to work or quit their jobs. Employers should also consider providing additional top-up payments to supplement government-funded parental leave schemes.
Family Caregiver Leave: Providing paid leave for employees who need to take care of sick children, elderly parents or family members with disabilities demonstrates empathy and understanding – qualities a company must possess in order to retain top talent and cultivate a compassionate, productive and collaborative workforce. Paid carers leave relieves the stress associated with juggling work and caregiving responsibilities, ensuring employees don’t have to choose between one or the other and can effectively balance both.
Employee Assistance Programs (EAP): EAPs are focused on providing complementary counselling services, legal advice, and resources to support employees’ mental health and overall well-being. These programs can be particularly valuable for working parents, who may face additional emotional and psychological challenges with caring for kids and simultaneously pursuing their career. These counselling sessions can be delivered on the phone or in person, depending on the size of the workforce.
Assisting Financial Well-being:
Financial well-being plays a crucial role in the quality of life experienced by working parents, and employers make a significant impact. Their impact is either positive, negative or neutral. It comes down to the initiatives and support offered in this area.
Here are some ways to assist employees’ financial well-being:
Salary Packaging: Employers can offer salary packaging options, allowing employees to allocate a portion of their pre-tax salary toward childcare expenses or other family-related costs. This arrangement reduces taxable income, ensures the children are cared for and increases disposable income that can be put towards health, entertainment, savings and unexpected expenses.
Financial Education and Planning: Organising company-wide workshops or providing expert resources on financial management, budgeting, and saving for future expenses (such as education or housing) empowers employees to make informed decisions and plan for their family’s financial security at an early stage, preempting and eliminating financial stress.
Employee Discounts and Benefits: Employers can negotiate discounts with local childcare providers, educational institutions, or retailers, providing cost savings for employees. Discounts not only alleviates financial stress of employees but also improves retention and engagement within the organisation.
Earned Wage Access (EWA): A modern, invaluable benefit employers are beginning to offer is EWA programs. EWA enables employees to access a portion of their earned wages before their regular payday, providing greater control over their finances, preparing them for unforeseen expenses and enabling working parents to seize memorable experiences and opportunities. This financial tool reduces stress by providing a budget buffer, thus promoting financial stability.
Recognising the needs of working parents and offering childcare and family support benefits is mutually beneficial for both employees and employers. By providing assistance in areas such as childcare, family support, and financial well-being, employers can create a family-friendly workplace that attracts and retains top talent while ensuring the overall productivity and happiness of their workforce.
Embracing these initiatives not only supports working parents but also fosters a positive work culture that values the well-being of every employee. To learn more about how you can support the wellbeing of your employees, as well as improve retention amongst your workforce, get in touch with Paytime.