Companies’ support for childcare can increase retention: report
Mothers who quit jobs during COVID-19 cited childcare for kids under five as the main reason.
Parents who are part of the workforce see a common dilemma with the lack of workable childcare options for their toddlers and school-aged children, a survey by McKinsey & Company revealed.
As a result, parents leave or consider leaving the workforce—even for work-from-home setups—as they struggle to attend to their kids. 24% of respondents also considered working for less hours or shifting to a part-time schedule instead.
The retention rate of working parents in a company is highly affected by the social support they receive. In the same study, 83% of women respondents expressed that childcare benefits are “very important” or “somewhat important” in their decision to stay or leave their job.
In this situation, here’s what companies can do to provide support:
On-site childcare and assistance with childcare expenses
Of the same respondents, 69% said that in choosing a company, they prefer an employer that offers assistance with childcare-related expenses, or provides access to on-site childcare.
For respondents who are planning to move to less demanding work, 40% said that on-site childcare services may sway their decision, while 38% said that the company’s assistance with childcare expenses will help them stay in their current work.
40% of respondents who did not pursue promotion opportunities expressed that if there would have been on-site childcare, they would have made a different choice.
Flexible work arrangements
When picking jobs, almost half of the respondents prioritise flexible working arrangements. Given the same compensation, 26% will prioritise predictable hours and schedules.
Professional development opportunities
Other than difficulties with staying in the workforce, working parents revealed that fewer professional-development opportunities have been made available to them due to their responsibilities with their children. 57% of mothers and 38% of working fathers said that this makes them feel held back career-wise.
The COVID-19 pandemic has undeniably exacerbated the need for improved childcare experience in achieving gender development and financial competitiveness. This gives an opportunity for corporate leaders all over the world to pay more attention to childcare support and allow working parents to achieve grow professionally while taking care of their families. It’s more than just retaining employees, but caring about the workforce as well.
