The emotional and financial demands of raising children often leaves parents feeling as though they’re perpetually spinning plates, struggling to keep everything in balance.
This juggle has become even more stressful in recent years due to escalating financial pressures. According to children’s charity Coram, childcare costs have risen 6% this year, with the average annual cost of a full-time nursery place for a child under the age of two now reaching an astonishing £15,709.
The Government has made some steps to address soaring costs. Most recently, it introduced a new childcare initiative allowing eligible parents to receive 30 hours free childcare a week for three to four-year-olds. However, for many, this is simply not enough to ease financial pressures, and many parents are turning to their employers for support with their childcare costs. Data from our platform has shown our users increase their use of employer-provided children’s entertainment vouchers by 21%, during this year’s summer holiday.
An unavoidable consequence of this growing financial burden is the worsening wellbeing of parents in the workplace. Without adequate employer support, many working parents will simply choose to exit the workforce, leaving employers at risk of a talent drain. Worse yet, women are seven times more likely than men to leave the labour market due to caring responsibilities, a key driver of the gender pay gap.
Solutions in response to this can be varied, whether it be crafting dedicated spaces for parents or tailored rewards and benefits to employee assistance programmes, for example. But ultimately, the result must be parents receiving meaningful support from their employers.
Inclusive and supportive culture
With over a quarter of the UK’s workforce estimated to be parents, it’s likely that many employees will be trying to balance their jobs with caring responsibilities. Creating a culture that accommodates such responsibilities is critical. For instance, employers should encourage parents to adjust their work schedules to better align with their family needs. This can include flexible start and end times, compressed workweeks, or the option to work from home.
Formalising flexible working arrangements can also be a useful tool, as if parents move between teams, roles or managers, it ensures that any allowances made for their caring responsibilities travel with them.
Personalised perks and benefits
Often overlooked, the provision of tailored perks and benefits can offer parents financial support, whilst also supporting a diverse and inclusive workforce.
From children’s entertainment vouchers to supermarket discounts, employers should offer a broad selection of perks and benefits for employees to choose from. This choice means they get access to the support which fits with their unique personal financial situation and the distinct challenges they are facing, no matter what their caring responsibilities might be.
This implicitly emphasises the value of each worker as an individual, especially when compared to blanket benefit offerings that may be completely unsuited to some.
Wellbeing support
Parenthood can bring immense happiness, but it can also come with significant emotional and financial stress.
Implementing an Employee Assistance Programme (EAP) service that can address issues before they make an impact is crucial. To do so, an EAP should integrate preventative care, early intervention, and expert clinical support. And if a holistic EAP offering already exists, re-promote it regularly, so employees know where to go, should they need additional support.
Organisations can also establish a “parents’ network”, to create a dedicated forum for those with caring responsibilities to support each other and share practical tips.
Simplifying existing benefits offering
Many employers already offer a number of benefits that will support parents. However, such policies are often buried in an employment contract or scattered across a number of initiatives.
Offering access to all forms of family care from a single point, goes a long way to ensuring that parents have access to the full range of support on offer – and encourages people to take up the offering. Our Family Care platform, for example, ensures that employees have access to the care support they need, when they need it, from a wide range of trusted providers.
It takes a village…
As the saying goes, “it takes a village to raise a child,” and employers play a crucial role in that community – particularly during times of rising costs. By providing meaningful support to parents, businesses can strengthen their employee value proposition while also boosting their ability to attract and retain top talent.
Venetia Leigh has been working in Employee Benefits and Wellbeing for nearly 20 years. She is passionate about helping employers support their employees through key life moments and challenges.