New Study Indicates that Caregiving Benefits Improve both the Family and the Employer
The phrase ‘caregiver benefits’ might seem completely foreign to many parents. Unfortunately, the modern parent has to contend with a barrage of work/home confluences as they navigate childcare, work schedules, kids’ schedules, illness, and much more. While hybrid/remote work has become a part of the norm since COVID, many parents still have to piece together childcare, which sometimes feels like piecing together an impossible puzzle. From using vacation time for kids’ illness to using PTO days, many parents simply need flexibility – and employers who value and understand that – to make it all work.
On top of figuring out schedules, parents also have to allocate enough funds – and make enough money – to pay for childcare. In some instances, childcare is so costly where some parents may find themselves working to essentially pay for childcare. This causes many parents stress and unease. Many even leave the workforce and/or can’t take on challenging roles such as leadership roles because the stress outweighs the potential positives.
However, a recent white paper study, “The R.O.I.(Return of Investment) of Caregiving Benefits” from Vivvi, a company that provides child care and early learning for children and families, in collaboration with The Fifth Trimester, found that family-friendly caregiving practices can boost earnings, productivity, and leadership potential. Thus, caregiving benefits can lead to an improved work environment and profit to employers. In fact, childcare benefits are so vital, respondents from this recent study said they ranked having childcare benefits more than having a 401k!
“In 2024, support for caregivers at work – benefits, training, culture, or all three – is no longer ‘bells and whistles’ but a vital pillar of profitability, with calculable R.O.I.,” says Lauren Smith Brody, founder of The Fifth Trimester, and author of the report. “For years, we’ve known that this progress is the right thing to do, but now we can see – with real numbers – that it’s a business imperative.”
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Featuring six months of quantitative and qualitative research and data, the survey measured more than 300 caregivers and 10 individual case studies in a diverse range of industries, demonstrating how support can drive profits. Read on to check out more about the survey and its surprising findings.
What are Caregiving Benefits?
Quite simply, caregiving benefits can include non-monetary and monetary benefits such as offering flexible schedules, providing discounted or complimentary childcare services, offering extended leave time, and/or offering respite care, to name a few options.
Key Findings in The R.O.I. of Caregiving Benefit
Caregiving benefits not only benefit parents but provide retention for all
When parents are treated with belonging and equity in a company, other employers also benefit. The survey found that 42% of respondents who considered leaving their job in the last year say that they stayed because of their employer’s support of their caregiving; while 59% of respondents say that if they had back-up or subsidized child care they would be likely to stay in their job for at least four years.
Candidates are actively looking for family benefits
Being a parent is no longer something caregivers have to hide or figure out on their own. Survey findings show that 9 out of 10 respondents say that they’d rather have an ongoing child care subsidy of $10,000 than an immediate $10,000 cash bonus. Incredibly, respondents ranked having child care benefits more important to them than having a 401k. Candidates are also looking for paid family leave, on-ramping programs, and fertility benefits when looking for a new role, even if they won’t use them yet.
Productivity is boosted with parent-friendly policies
Quite simply, when parents don’t have to worry about childcare they are better able to be focused and motivated. According to the survey, 69% of respondents said if their employer had backup or subsidized child care they would work in person more often than required. Additionally, 57% of respondents said that if their employer had backup or subsidized child care they would take on higher-level work.
Leadership can be unlocked with childcare benefits
The survey also found that childcare benefits may offer companies better gender balance. Thus, allowing more women in leadership.
Improvement of ROI and profits
One case study showed that every $1 invested in caregiving benefits drives $18.93, for an R.O.I. of nearly 18x.
“This new report makes it clear that parents are driven to stay, grow, and create progress and profit for their employer,” says Lauren Hobbs, Chief Marketing Officer at Vivvi. “There is no single way to support caregivers in the workforce; but rather, so many accessible strategies—each with measurable R.O.I.—that companies can implement regardless of their size, structure or industry.”
The full survey results of “The R.O.I. of Caregiving Benefits” and the 10 case studies can be found here.
