Family-friendly workplace policies driving business growth
Offering certain benefits can help employers stand out and attract, motivate, and retain working parents.
A new National Trends Report from The Best Place for Working Parents® — a collaborative and growing network of businesses across the U.S. dedicated to providing support for working parents through evidence-based strategies — examines the ten evidence-based benefits and policies implemented by businesses with family-friendly work environments, and highlights the competitive advantage these benefits provide in attracting and retaining employees.
The report (in partnership with Empactiv Analytics) also introduces industry insights to assist business leaders in comprehending which family-friendly policies have become standard practice, and which ones can help them stand out from other businesses in their industry.
“Today, two-thirds of children under age 6 have both parents in the workforce, and businesses implementing family-friendly policies are reaping the rewards of attracting, motivating, and retaining this growing contingent of workforce talent,” wrote the report’s authors, Sadie Funk and Sara Redington, national director and co-founder of Best Place for Working Parents, respectively.
Three key insights:
Based on an analysis of data between 2019 and 2023 from the Best Place for Working Parents network — which includes 10 states — the report anticipates the following three key trends.
- Onsite child care will continue to grow.
While still a relatively rare benefit, the implementation rate of onsite child care is growing faster than any other benefit, with a 47% increase since 2019. The report notes that businesses offering onsite child care for employees experience a 7.4 times higher retention rate and 8.9 times more loyal employees. Microbusinesses are leading the pack in implementing onsite child care.
- Flexible work arrangements are here to stay.
Among the businesses designated as the Best Place for Working Parents®, 96% provide the option of flexible work schedules. Notably, employees in these organizations rate their workplace as 123.2 times more supportive compared to their peers. Alongside flexible hours, 93% of designated businesses offer remote work. Employers offering remote work also report 2.1 times more motivated employees.
Related: The perils of parental leave and the importance of businesses taking action
- Parental leave and child care support are differentiators.
Across the Best Place for Working Parents® top industries, backup child care, child care assistance, and parental leave policies are proving to be benefits that can help companies stand out in the current labor market.
“The data is clear: Working parents are seeking out companies that offer family-friendly benefits that help them thrive in the workplace and at home, and companies that adopt these policies are experiencing a boost in business success,” Funk said in a statement. “Our hope is that companies can use this data to determine which benefits will help them stand out against their competitors to reap the rewards of attracting, motivating, and retaining a growing contingent of workforce talent — working parents.”