Elevate Rapid City recently conducted an employer-based childcare survey in collaboration with Porchlight. The survey revealed compelling data on the importance of childcare benefits for employees and employers in Rapid City, highlighting critical findings that impact workplace dynamics and productivity.
Taylor Davis, Senior Community Development & Partnerships Director at Elevate Rapid City, shared valuable insights on the survey, "As we've heard from childcare providers and job seekers in our region regarding challenges with childcare access, we wanted to ensure that we heard from employers, as well." She added, "This recent survey focused on the employer's perspectives on the impact of childcare on their productivity. It helps build the business case for why this is an important issue to invest time in."
Here are five essential takeaways that every employer in Rapid City should consider:
1. Childcare Benefits Are Crucial to Employees
54% of Rapid City employees stated that childcare benefits are important to them, yet many employers do not currently offer these benefits.
Addressing this gap can greatly enhance employee satisfaction and retention, making it a vital consideration for businesses.
2. Financial Gains from Schedule Flexibility
Rapid City employers offering flexible schedules to accommodate childcare needs see an average net benefit of over $400,000 annually.
This impressive financial gain demonstrates the importance of flexible work arrangements in supporting employees with childcare responsibilities.
3. Boosted Productivity
Employers providing childcare benefits witness a minimum productivity increase of 10% among their employees.
Such a boost in productivity can enhance overall business performance and efficiency, making a solid case for investing in childcare support.
4. Reduced Turnover Rates
Employers offering childcare benefits reduce childcare-related turnover, with a 17 percentage point decrease.
Lower turnover rates contribute to a more stable and experienced workforce, which benefits long-term business success.
5. Decreased Absenteeism
Employers who support their employees with childcare see a remarkable 91% reduction in absenteeism.
This dramatic drop in absenteeism ensures a more consistent and reliable workforce, further enhancing productivity and workplace morale.
Regarding the survey's objectives and plans, Taylor Davis concluded, "Our goal with this recent childcare survey was to garner feedback from employers on the impacts of this issue on their workforce, productivity, and ultimately their bottom line. We received valuable insight from local employers and plan to create a resource to help employers navigate childcare issues in their workplace."
Resource Available
Looking for ideas to implement in your business? Download this guide for creative childcare benefits that are low to no cost to your business. Something as simple as offering flexibility in the schedule could result in a reduction of turnover and an average net benefit of over $400,000.