An HR Guide to What's Next for Employee Benefits from Care.com
Those most worried about attrition – and specifically about the loss of female talent – see expanded child care benefits as the key to combating it.
Care.com, a platform for finding and managing family care, has released the results of its 2021 Future of Benefits Report, revealing how COVID-19 has influenced how employers plan to change, and potentially expand, the benefits they offer to employees this year and in the future. Download the complete Care.com report.
The report gathered responses from C-suite executives and HR leaders across the country and examines how employers are prioritizing benefits like family care (for both children and seniors living at home) ahead of others, such as commuter benefits and office meals, because of the pandemic’s impact on how employees work as well as their well-being, performance, and attrition.
The "Turnover Tsunami"
Businesses nationwide are hiring at a record pace. Employees are reevaluating their priorities, and looking for new positions that fit a post-pandemic lifestyle. Many report an altered value system shaped by a year of reflection. In fact, experts warn that a “tsunami of turnover” is coming at a time when competition for talent is fierce and many companies are still recovering from the financial impacts of the pandemic.
The pandemic magnified the critical infrastructure role that childcare plays in supporting parents, businesses, and the economy. At the start of 2021, ten million mothers of school-age children remained out of the workforce according to a report from the U.S. Census Bureau, an increase of 1.4 million over 2020. Many cited the need to provide care for their children as the reason for being unemployed.