Is On-site Childcare Beneficial - Spark Hire

Is On-site Childcare Beneficial - Spark HireIt seems as though with each passing month the demands of employees and job seekers are getting more and more interesting. Articles on how top companies offer employee benefits are running rampant lately. Upon first glance you may think that all of ansicht incentives are a bit ridiculous. However, if you think about it a bit deeper, if you want someone to do a great job for you then you have to invest in them. You have to nurture that talent in order for it to grow and prosper. A neglected flower rarely blooms. One of the biggest incentives that candidates are seeking out is on-site childcare.Although you think it may be difficult to implement, on-site childcare services are huge employee benefits that will likely bring the top talent to your office. Lets take a look at the benefits of offering childcare in the workplace.A study by micro-economist Rachel Connely and colleagues published in their 2004 book titled Kids at Work The Value of Em ployer-Sponsored On-Site Child Care Centers covered the benefits employers can reap from offering on-site childcare in addition to other employee benefits. Not only is it affordable, but it is actually profitable. In fact, most employees stated that they would contribute to the cost of on-site childcare even if they didnt need it themselves. So why would offering childcare in the workplace be profitable for employers?Reduce the Rate of TurnoverBy offering on-site childcare as employee benefits, you are making your company much more desirable than one that does not. If you have hired top talent, but some of that top talent happen to also be working parents, then you are going to have to compete with other companies that do offer childcare in the workplace. It would be much more difficult for those working parents, that are also great workers, to leave your company when you offer such a desirable benefit. On the other hand, if an opportunity comes along with a company that does offer on-site childcare and your company does not, the employees you have that are also working parents will most likely jump ship when presented with the opportunity.Reduce Tardiness/Absenteeism Working parents often struggle with very busy schedules. You can make the argument that, as an employer, it is not your responsibility to bend over backwards to accommodate their life choices. This may be true, but at least half of the employees you hire will likely be working parents. Therefore, hectic scheduling and conflicts are sure to arise. Working parents may often have to call off work due to an issue with their childcare provider. Perhaps the childcare center is closed or their main provider is sick. When these things come up, parents have to rush to find an alternative. Often times, they cant find a replacement and have to stay home with their child. When you offer on-site childcare, these issues dissipate.Reel in Top TalentAs stated earlier, offering on-site childcare is an extremely d esirable benefit. If your company offers childcare in the workplace as one of its top employee benefits, then its likely you will reel in better, stronger candidates. After all, would a working parent be more apt to go with the company that offers on-site childcare, or the company that pays a little more? On top of that, not all of your candidates are going to be working parents. However, it may be something in their near future and they will be more attracted to a company that makes childcare a breeze.Have a Positive ImpactRegardless of whether your employees are all working parents or not, simply offering on-site childcare shows that you care. In the study by Connely, she is quoted saying, I was impressed with the near universality of positive feeling workers showed about working for a company that had a childcare center. They liked the idea that their company took care of the person who worked down the row from them. When you show your workers that you truly care for them and the ir well-being, that translates into positivity in your employees across the board. Happy employees are productive employees.So you see, offering childcare in the workplace can be extremely beneficial to not only your employees, but your company as well.Does your company offer on-site childcare as one of its employee benefits? Do you think that it makes a difference in the talent you attract and the productivity/happiness of your employees? Let us know what you think in the comments section belowIMAGE Courtesy of Flickr by Finiky

Why Compensation Is More Than Just Salary

Why Compensation Is More Than Just SalaryWhy Compensation Is More Than Just Salary When considering a new position, or re-evaluating your current contract, its always in your best interest to negotiate for a higher salary . However, when considering your total compensation (meaning everything the company is giving you in exchange for the work you provide), there are so many other factors that play into your bottom line that go beyond just salary. Here are 6 areas that contribute to your total take-home compensation that should leid be overlooked when negotiating your next contract A huge factor to consider when evaluating your salary is the healthcare package provided . If the organization you are considering does not offer any health care benefits, consider all of your existing medical conditions, and how much those would cost you out of pocket without a health care plan. If your company does have a benefits plan, look into the fine details of what they are offe ring. How much are the deductibles and premiums in each area? Keep these numbers in mind when calculating your total compensation, especially if you know of existing medical conditions or upcoming procedures. Some organizations might offer profit sharing , bonuses, or stock options. These are different ways that you, as an employee, can profit from the success of the organization, and earn additional salary. If your organization is doing well, and you are offered shares, you could see a huge return on investment in the long run. While you cant live off your bonus, find out prior to accepting what the bonus structure would look like, and how often it is typically paid out. When negotiating your salary, it is important to consider whether these added benefits might be a worthwhile incentive for you to consider as part of the overall package.Many organizations across Canada and the U.S. will offer RRSP/ 401k matching . These company perks are not only a great way to incentivize savi ngs and retirement, but also earn free money The average 401k match across organizations, according to Investopedia, is 50 cents on the dollar of up to 6% of your salary. If you know that you can save enough to earn that match, consider that free money as a part of your total compensation. Taking advantage of these plans is like accepting a 3%-6% raise each year. The ausprgung there are three things that matter, location, location, location definitely holds true when discussing salary. If your new position is offering you a higher salary, but will require you to commute and buy a car, youll need to re-calculate your salary and consider that cost. Lets say your lease is $300 a month, parking $100 a month, insurance $100 a month, and gas $200 a month, all together that will run you $700 a month, or $8400 a year If youre considering a new position that has a lower base salary, but would allow you to work closer to home and ditch your car, consider adding that cost savings to your salar y.People spend an average of $2,746 a year on packed and purchased lunches . When evaluating a new organization, look into whether or not they provide free lunch, snacks, or even coffee, as this can all add up. A Starbucks a day will cost you $1,221, so dont overlook this small perk . If these perks are provided, consider adding that $2,746 average for lunch and $1, 221 average for coffee onto your salary, as it would be money saved each year. Discounts and reimbursements on things like cell phone plans and gym memberships are other hidden factors that impact your bottom line. If you work for a company that you frequent as a consumer, corporate discounts could be another factor in your decision. Of course, there are other non-monetary perks that come with any job . Things like work-life balance, freedom to work remotely, and opportunities for learning & development are intrinsic motivators that are hard to compete with. There are so many factors to consider when evaluating y our total compensation. These are just a few typical areas where you, as an employee, can earn more beyond just your salary. When negotiating, consider the areas of your life that are most important to you, and really focus on companies who stand behind that with what they have to offer Stacy kalmck is a Learning Specialist with an MA in Educational Technology. She is passionate about building leadership programs that engage and contribute to the success of her organization. She loves to share her perspective on workplace development, career building, and networking for success. Connect with her on LinkedIn , Twitter , or at www.stacypollack.com