Offering child care assistance, health care benefits for your employees’ children, and other child-friendly policies can provide a reasonable, if not compelling, return on investment for employers. Addressing the child development needs of employees takes a hard-edged, dollars-and-sense understanding of the economics of employee retention, productivity and satisfaction. Quality child care, education and health offer supports for parents in the workplace which decrease absenteeism, reduce turnover, and increase productivity.
Work/life benefits are sometimes viewed as "feel good perks." Helping with child care, education, health and parenting needs seems like a "nice" thing to do. Clearly, they are more than "nice" things to have. Supporting your employees in these ways can contribute to decreasing stress, reducing absenteeism and promoting wellness. These contributions convert into a reduction in the cost of doing business and in the enhancement of employee productivity.
- Employees without appropriate child care and health supports miss an average of 9 work days per year.
- Female employees who are single parents miss an average of 12.5 days per year.
- The true cost of absenteeism ranges from 75% to 300% depending on the business purpose.
- Appropriate child care supports decrease absenteeism by 2 days per year.
- Turnover rates are 37% to 60% for parents without appropriate child care supports. (NCCIC)
Heckman Equation - Nobel Prize‐winning economist James Heckman’s analysis shows that investments in early childhood development lead to a more capable, productive and valuable workforce. The opportunity cost and return on investment is greatest with the youngest in our society.
INVEST in educational and developmental resources for disadvantaged families to provide equal access to successful early human development.
DEVELOP cognitive skills, social skills, and physical well-being in children early—from birth to age five when it matters most.
SUSTAIN early development with effective education through adulthood.
GAIN more capable, productive and valuable citizens that pay dividends to America for generations to come.