Childcare vouchers are a great incentive that employers can offer their workers. The vouchers enable employers to keep good workers on board once mothers have given birth to babies and reduce the need to continually employ new staff and train new workers each time someone announces their pregnancy.
If you’re fed up of losing fantastic workers as a result of them getting pregnant, look no further. The problem for most women is not their pre-pregnancy job, which they’d return to in a heartbeat if they could. No, the problem is finding a way to work and bring up a baby. Whilst it is to be expected that the majority of mothers will want a bit of time off work to spend with their precious bundle of joy, even after maternity leave is over, one of the main reasons women end up not going back to their old job is down to money.
Retaining great workers
In this economic crisis, many women simply cannot afford not to work, but what are they supposed to do about their baby whilst they’re in work all day? The rising costs of childcare make it incredibly difficult for couples to decide on the best plan of action when it comes to raising their children. Of course parents want to do their best for their children and raise them wanting for nothing, but it can be a struggle to get by on just one wage. Many women choose to return to work shortly after giving birth. Just to be able to afford to bring up their child. The problem they face however, is balancing the rising childcare fees every month.
The costs of parenting
Whilst it seems like a better option for both parents to work, childcare costs can be extremely high and take a good chunk out of any pay packet. And that’s assuming that there are two wages coming in each month. Factors like unemployment may increase difficulty for parents when raising a new-born. And what are single parents supposed to do? It’s not always possible to leave the baby with a friend or relative, which means they’re forced to return to work and put the baby into childcare.
Employers can offer childcare vouchers to employees to help them meet the costs of childcare whilst still earning a regular wage. The way it works, is that workers taking part in the scheme sacrifice a set amount of salary each month and receive childcare vouchers in return. The vouchers can be put towards, or even in some cases, pay entirely for childcare, giving parents one less thing to worry about.
Employers offering such an incentive are more likely to keep their workers, even after they’ve given birth. Mothers or fathers who know that they can get help with childcare costs are less likely to give up work altogether to stay at home with the baby. This also means that as an employer, you don’t have to spend extra time hiring new recruits or training people to fill the roles of those who’ve gone off to become parents, whilst at the same time, you can show your employees that you care for their welfare. So there’s really no excuse to not reap the benefits from childcare vouchers.
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This guest blog was contributed by William Cox a freelance blogger who often writes about HR topics such as employee benefits of all types.