In today’s competitive job market, your benefits package can make or break your ability to attract and retain top talent. As you prepare for this crucial period, it’s imperative to recognize that without robust care support, your benefits package may be falling dangerously short of employee expectations and needs.

This pivotal moment allows your benefits team to showcase the full spectrum of offerings your organization provides. It’s their chance to not only inform but also engage employees, ensuring they grasp the value and relevance of each option available to support their needs and well-being. This period is essential for driving awareness and participation, ultimately shaping the overall employee experience.

As the clock ticks down to Open Enrollment, it’s not too late to elevate your benefits package by including care support—a critical benefit that could make the difference between retaining your top talent and losing them to competitors.

Employees want childcare

You may already provide an EAP program, dental, vision, and medical benefits, but are you aware that family care has become a top priority for many employees? Recent surveys reveal:

• 78.7% of parents are open to changing jobs for better family care benefits
• Family care benefits now surpass mental health support, health and fitness discounts, commuter perks, and even medical benefits for some employees
• 30% of Gen Z parents identified childcare benefits as the most critical factor in deciding whether to remain in their current role
• Nearly half (43%) of parents indicated they would consider switching jobs for financial assistance with childcare costs

The message is clear: without comprehensive care benefits, you’re at risk of losing your valuable workforce.

Addressing the missing piece in your benefits package

Childcare expenses in the U.S. average $11,582 per year, placing a significant financial strain on families. This burden can severely impact your employees’ stress levels, absenteeism, and productivity. The situation is even more dire for those living in care deserts, where limited access forces them to drive long distances or endure lengthy waitlists.

The U.S. Department of Labor reports that the annual cost of care for just one child can easily consume 15% to 20% of the median family income in many counties across the country. This is well above the 7% of family income that the U.S. Department of Health and Human Services sets as a federal benchmark for affordability.

For frontline workers—who represent over 80% of the workforce—the struggle is particularly acute. These employees often work nontraditional hours and require care solutions that align with their schedules. Yet, they face the same obstacles in finding affordable, accessible options for their 24/7 schedules.

The High Cost of Inaction

Failing to include comprehensive care benefits in your Open Enrollment package can lead to:

• Increased turnover, with up to 78.7% of parents considering job changes for better family care benefits
• Reduced productivity due to employees struggling with care-related stress and absenteeism
• Difficulty attracting top talent, especially among younger generations who prioritize these benefits
• Higher long-term costs associated with constant recruitment and training of new employees
• Decreased employee engagement and loyalty, impacting overall company culture and performance

Don’t let another year go by with an incomplete benefits package. The time to act is now.

Why you should consider Upwards for Open Enrollment this year

A report from Boston Consulting Group and Moms First shows that organizations providing childcare benefits can see a positive return on investment of between 90% and 425%. However, just 12% of all U.S. workers have access to childcare benefits. This presents a unique opportunity for your company to stand out.

Upwards offers a comprehensive solution providing tangible benefits to both employers and employees, including:

• Improved talent retention and recruitment: Organizations see a 5x average decrease in turnover among employees utilizing childcare assistance. This equates to substantial cost savings on recruitment and onboarding expenses.

• Enhanced productivity: Childcare access reduces absenteeism due to childcare issues and allows employees to focus on work, knowing their children are in good care.

• Strong return on investment: Upwards have found a $4.25 return for every dollar invested in childcare benefits.

• Simplified benefits administration: Upwards streamlines the process of offering and managing childcare benefits, significantly reducing administrative burden on HR teams.

• Career advancement: Investing in childcare benefits helps with career advancement, enabling parents, especially women, to remain in the workforce and pursue career growth.

  
  

   

How upwards can support your Open Enrollment needs

Upwards offers a turn-key, technology driven platform that revolutionizes how companies approach childcare benefits, ultimately improving retention and productivity. Our solution is designed to address the complex challenges of the childcare crisis while delivering benefits to both employers and employees.

• Extensive provider network: Access to over 126,000 vetted care providers across all 50 states, with 98% female-run and more than half minority-owned providers.
• Streamlined search and management: Employees can quickly find and compare providers, accessing real-time information on available openings, hours, and more, reducing care search time from 20+ hours to minutes.
• Flexible care options: Upwards provides employees a diverse range of care types, including drop-in, nontraditional hours, nighttime, and extended or summer care.
• Integrated benefits and subsidies: Seamlessly combines employee benefits with available government subsidies, increasing affordability and accessibility for working families.

By partnering with Upwards, your company can transform its benefits package into a strategic advantage, supporting your employees while driving business success.

The Clock Is Ticking

Don’t risk losing your best employees. Contact Upwards today for a consultation and ensure your Open Enrollment package meets the critical needs of your workforce this year**.**