The conversation of child care often revolves around
The belief is that once kids reach school age, child care challenges all but disappear. This, however, could not be further from the truth. Sixty percent of the 16.2 million U.S. working families have children between the ages of twelve and seventeen, according to Statista.
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Enter the Mommy Tax
The Mommy Tax is a term reflecting the professional and financial penalties working parents, particularly women, face. The tenants of this tax are the costs of care coupled with professional setbacks.
Syndio, a technology firm helping companies close the equity pay gap, found that not only do women earn 18% less than male counterparts, working mothers earn an additional 5% less for every child vs. female colleagues without children. A recent Money.com analysis finds extracurricular activities for older kids can reach nearly $2,000 monthly. In many areas, this outpaces the cost of full-time daycare. These factors become major components in the decision to change jobs or leave the workforce entirely.
Autonomy AND flexibility: The new norm
One of the most effective ways employers can support parents is to ensure autonomy alongside the flexibility of remote or hybrid work. This comes from adopting a culture allowing parents to build a workday that aligns with their unique needs without sacrificing promotions, choice assignments, or pay increases. A staggering 80% of working parents say this coupling of autonomy and flexibility is the most important factor when job hunting.
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Enter the online educational marketplace: A turnkey solution
Online educational marketplaces have risen as a game-change for employers offering innovative platforms with a diverse array of learning and enrichment opportunities for school age children. These platforms serve as intermediaries, connecting parents with high-quality, affordable educational content and programs. From STEM to arts, social topics, and financial literacy, these marketplaces provide access to resources complementing traditional school curriculum and introduce children to new areas of interest and skill development.
Consider this: child care issues cost businesses an astounding $13 billion annually due to lost productivity, absenteeism, and turnover. On the flip side, companies that invest in family-friendly policies see a return of $4 for every $1 spent. It's clear that supporting working parents not only benefits families, but is also good for business.
Choosing the right solution
One of the most significant advantages of online educational marketplaces is the flexibility and choice they offer. Many flavors exist but for maximum support, employers can look for a few key items:
- The right solution for the age group
Most online marketplaces cater to little kids, few provide programs dedicated to filling gaps for kids grades 5+ left by traditional education. When assessing solutions beyond daycare/sitter benefits, ensure the provider focuses on the right demographic with the best programs. - Expert providers
A narrow set of experts alleviates the heavy lifting by parents to compare options, schedules, provider expertise. All of which impedes working hours and introduces additional unnecessary stressors. - Life-skills focused
Older kids have different needs. Look for solutions focusing on life skills that prepare kids to thrive in "real life." Many of these are not offered through school curriculum force busy parents to seek out (and pay for) outside help. - One-stop-shop
Marketplaces operating as an aggregate of links to external options offer little benefit to stressed out parents. Solutions that handle the heavy logistics even building enrichment programs for parents through a single engagement across days, times, providers, and transactions eliminates the need of parents shouldering these activities during the workday.
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Online education marketplaces pave the way for more productive, less stressed-out working parents. For companies, their cost-effective, turnkey nature delivers immediate support to families, especially those looking to change jobs for better support options.
The bottom line
Investing in autonomous and flexible work options coupled with innovative child care solutions like access to an educational marketplace isn't just about offering perks. It's about recognizing the diverse needs of the entire working parent population and providing benefits beyond those focused on early child care.
While corporate child care employee benefits (under the broadened definition) cannot resolve the entirety of the need for a lasting solution, employers have the power to make a significant impact. Expanding child care benefits for school-age children is easier and more cost-effective than ever, making it an ideal time for companies to step up their game in supporting working parents.
