83% OF MILLENNIALS - NOW LARGEST GROUP OF NEW PARENTS - WOULD LEAVE THEIR JOB FOR ONE WITH BETTER FAMILY/LIFESTYLE BENEFITS
New Care.com Workplace Solutions Survey Shows Lack of Access to Child Care Benefits Also Impacts Workplace Performance
WALTHAM, MA (August 10, 2015) – We all know salary is important when it comes to considering a new job offer. However, according to a Care.com Workplace Solutions Better Benefits Survey, better family/lifestyle benefits such as family-care assistance, a flex work schedule, and paid parental leave directly impact an employee’s decision to make that final move. That is especially true for millennials, who represent 90% of new parents according to Goldman Sachs, with 83% willing to make a job change based on family/lifestyle benefits. In addition, 41% of working parents say a lack of these family assistance-related benefits have even negatively impacted their work performance.
“Our survey results show a direct correlation between family care benefits and workplace performance, as well as employee recruitment and retention,” said Donna Levin, Co-founder and Vice President of Care.com Global Workplace Solutions. “The lack of these benefits is affecting employees’ overall work performance, and impacting companies in lost productivity and reduced employee retention. With the largest part of today’s workforce comprised of millennials and this generation representing 90% of new mothers in 2014, it’s especially important for employers to take this generation’s needs into consideration.”
Care.com Workplace Solutions, a business unit of Care.com (NYSE: CRCM), commissioned the survey of approximately 500 people to measure the importance of family care benefits among employees. Care.com Workplace Solutions provides companies with custom-designed programs featuring a range of family care benefits for employees.
CARE.COM WORKPLACE SOLUTIONS SURVEY INSIGHTS
How Do Family/Lifestyle Benefits Impact Employee Productivity and the Bottom Line? 35% think a lack of family assistance-related benefits has negatively impacted their work performance; this rises to 41% of those with children. In fact, 90% of employees have left work due to family responsibilities (39% frequently and 47% occasionally/often) and 30% have cut back more than six hours per week for this reason. 11% of employees have cut back more than 10 hours per week due to family responsibilities.
“According to a Caregiving Cost Study from MetLife, decline in workplace performance because of absenteeism, workplace disruptions and reduced work status of working family caregivers can cost U.S. businesses billions of dollars a year,” added Levin.
Which Family/Lifestyle Benefits Would Boost Employee Work Performance? Backup child care, discounted care/reimbursement for care, help hiring a housekeeper, help finding reliable childcare, and long-term or tailored senior care planning are the top five family assistance benefits that employees say would most improve their ability to do their job.
Would Employees Change Jobs for Better Family/Lifestyle Benefits? Yes, 62% of employees would likely leave their job for one with better care benefits. In fact, a flexible work schedule (17%), and child care assistance (8%) rank in the top three such benefits for which employees would most likely leave.
How Do Millennials Approach Family and Work? According to a 2015 study from the American Sociological Review on gender and work-family ideals, this age group has much more egalitarian views around family, career and gender roles than previous generations. However, when faced with a lack of family-friendly policies in the workplace, most fall back on traditional roles. In fact, of those millennials surveyed in the Care.com Workplace Solutions survey, 90% stated they’ve had to leave work due to family responsibilities. It’s no surprise then that 48% feel a lack of family assistance-related benefits has negatively impacted their work performance.
“A report from the White House’s Council of Economic Advisors looking at millennials’ stance on numerous work-life factors concludes that quality of life is a main focus for this generation. Employers should really take this into consideration when thinking about what their employees actually want and need out of a benefits program,” stated Levin.
Are Employees Happy With Their Family/Lifestyle Benefits? Only 30% of respondents are “very satisfied” with these benefit offerings and approximately 1 in 10 (9%) aren’t satisfied at all. In addition, women (13%) and parents (12%) are more than twice as likely to be dissatisfied with their family/lifestyle benefits than men (6%) and employees without children (5%). 1 in 5 respondents also stated their employer offers fewer such benefits than other companies.
“By recognizing the juggling act of caregiving and work, and providing benefits like backup child care or senior care, we believe that employers have a huge opportunity to not only reduce employee absenteeism, but ultimately, increase workplace productivity too,” added Levin.
- Respondents think working dads and employees caring for elderly loved ones are least supported by employer benefits.
- 40% of respondents would be more inclined to use employment benefits if they were accessible from a mobile device.
For more information about the survey, visit workplace.care.com/betterbenefits to check out resources for employers to better communicate benefit offerings to employees.
Since launching in 2007, Care.com (NYSE: CRCM) has been committed to solving the complex care challenges that impact families, caregivers, employers, and care service companies. Today, Care.com is the world’s largest online destination for finding and managing family care, with 16.5 million member consumers* across 16 countries, including the US, UK, Canada and parts of Western Europe, and approximately 700,000 employees* of corporate clients having access to our services. Spanning child care to senior care, pet care, housekeeping and more, Care.com provides a sweeping array of services for families and caregivers to find, manage and pay for care or find employment. These include: a comprehensive suite of safety tools and resources members may use to help make more informed hiring decisions - such as third-party background check services, monitored messaging, and tips on hiring best practices; easy ways for caregivers to be paid online or via mobile app; and household payroll and tax services provided by Care.com HomePay. Care.com builds employers customized benefits packages covering child care, back up care and senior care consulting services through its Global Workplace Solutions, and serves care businesses with marketing and recruiting support. To further connect families, Care.com has expanded its consumer service with its 2014 acquisition of Citrus Lane, the leading social commerce site for moms, and its 2013 acquisition of Big Tent, a community platform. Headquartered in Waltham, Massachusetts, Care.com has offices in Berlin, Austin, New York City and Silicon Valley.
*As of June 2015
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