{"id":2382,"date":"2023-02-15T17:45:22","date_gmt":"2023-02-15T17:45:22","guid":{"rendered":"https:\/\/www.care.com\/business\/2021\/05\/18\/why-care-benefits-are-essential-for-smbs\/"},"modified":"2023-02-15T17:45:22","modified_gmt":"2023-02-15T17:45:22","slug":"why-care-benefits-are-essential-for-smbs","status":"publish","type":"post","link":"https:\/\/www.care.com\/business\/why-care-benefits-are-essential-for-smbs\/","title":{"rendered":"Why Care Benefits are Essential for SMBs"},"content":{"rendered":"

What will the post-pandemic future of work look like for small and medium-sized businesses (SMBs)?<\/p>\n

As companies design their return to work policies, SMBs are facing a once-in-a-generation opportunity to rethink their employee benefits strategies<\/a>.<\/p>\n

After all, employee benefits play a critical role in how companies of all sizes attract and retain top talent. While SMBs might avoid offering certain benefits because of cost, the most strategic ones are investing resources in the benefits employees say they want and need \u2013 because doing so isn\u2019t just good for their workforce, it\u2019s essential for growing the business.<\/p>\n

\u201cChildcare enhancements, home office stipends, reimbursements, telemedicine and flexibility \u2013 these were some of the top benefits we saw take center stage in 2020,\u201d says<\/a> Bhushan Sethi, PwC\u2019s global people leader. \u201cAs we approach a post-shutdown world, we can expect these to carry over. But, it\u2019s also an opportune time for employers to take a fresh look at their rewards and benefits based on employee preference.\u201d<\/p>\n

After more than a year spent living and working during the Covid-19 pandemic, it\u2019s become abundantly clear that people need care in order to work. That\u2019s because nearly every employee at every age and life stage (not just during pandemics!) will need to find care either for themselves or for a loved one. Working parents with school-aged children. Younger workers about to start families. Middle-aged workers caring for an aging or ill parent, grandparent, or spouse. Pet parents of four-legged family members. Care is a universal need that comes in all shapes and sizes. It\u2019s personal.<\/p>\n

More and more, SMBs are investing in care as a critical component of their employee benefits strategies. Here are three reasons why.\u00a0<\/strong><\/p>\n

Care benefits are a must-have \u2013 competitors offer them, and employees demand them<\/p>\n

In a recent study by the Principal Financial Group<\/a>, SMBs cite affordability as the primary factor when deciding on what employee benefits to offer. But, they also say that their ability to recruit and keep top talent is the next most important factor.<\/p>\n

While SMBs do face a tension between controlling costs and investing in talent, the Covid-19 pandemic has exposed an undeniable reality for any business: to attract and keep the best and brightest people, care benefits aren\u2019t optional. They\u2019re mandatory.<\/p>\n

As small business job growth picks up<\/a> and returns to its pre-pandemic peak, and people make the return to work, employees know that care is mandatory, too. Especially working parents \u2013 comprising about a third of the U.S. workforce, or an estimated 50 million workers<\/a> \u2013 who were thrown into an unprecedented situation throughout the Covid-19 crisis. And their scars run deep. In a post-pandemic world, they\u2019ll likely never tolerate working for an employer that doesn\u2019t support their care needs.<\/p>\n

In study after study, we see the negative economic impact of forcing people to choose between care and their career. Is this really a fair choice? One survey<\/a> found that nearly 20% of working parents had to leave work or reduce their hours solely due to a lack of childcare during the pandemic. As of the time of publication, millions of working parents, including an alarming 1.5 million women<\/a>, still<\/em> remain out of the workforce.<\/p>\n

Employees often hear about how big companies like Starbucks<\/a> and<\/u> Amazon<\/a> are taking steps to make big, family-friendly enhancements to their benefits and policies. This doesn\u2019t mean that SMBs can\u2019t follow their lead. In Care.com\u2019s Future of Benefits report<\/a>, in which we surveyed 500 HR leaders and C-suite decision makers from companies of all sizes across the U.S., 63% said they plan to increase their child care benefits, and 41% plan to expand their senior care offerings.<\/p>\n

\u00a0<\/strong><\/p>\n

Care benefits offer flexibility — for parents and for SMBs<\/strong><\/p>\n

Care benefits aren\u2019t one-size-fits all. They can be tailored to fit the needs of both employees and<\/em> the business. SMBs worried about resources have lots of creative options at their disposal<\/a> to offer either full or partial care coverage to their employees.<\/p>\n

SMBs can offer several family-friendly care benefits and policies to their employees, including:<\/p>\n