Facing continued economic uncertainty, many employers are cutting budgets, but when it comes to investing in family care benefits, recalibration is the watchword. According to Care.com’s 2023 Future of Benefits Report, C-suite leaders remain focused on driving productivity and retaining talent, key objectives supported by family care benefits. The research, conducted in December 2022, surveyed 500 C-Suite level executives and HR decision-makers to assess how tightened budgets and a forecasted recession were impacting employee benefit investments with a particular focus on family care.
“In challenging times, smart leaders hunker down and hone in on what they know will keep their businesses resilient and drive the bottom line, and the data doesn’t lie: supporting working families does both,” said Tim Allen, CEO of Care.com. “Childcare and senior care are top-of-mind for all working families and by prioritizing them, employers align their employees’ interests with their own, which can lead to billions in savings annually in lost productivity, absenteeism and turnover. Simply put, care lets families work.”
Highlights from the 2023 Future of Benefits Report:
- Economy-Driven Recalibration of Benefits: 95% of employers report a recalibration of their company’s benefits strategy amid economic uncertainty. Top goals to which benefit plans must align are productivity (53%) and talent retention (49%).
- Childcare Benefits Remain Strong: While 47% plan to trim overall employee benefits this year, 46% are prioritizing childcare even more, with 78% reporting that childcare supports have a positive impact on productivity and 80% seeing a correlation with talent retention.
Senior Care Gains Traction: 43% of employers surveyed are prioritizing senior care benefits more in 2023 with:
- A significant positive impact reported on productivity (84%) and talent retention (81%);
- Nearly one-third of employers (32%) reporting that employees are requesting senior care services; and
- Senior care services beating other care benefits by a considerable margin as the family care benefit of choice if employers could only invest in one.
- Businesses and Government Must Play a Role: 42% say the government should have primary responsibility for funding care-related employee benefits. While the current Employer-Provided Child Care tax credit has high awareness among employers (96%), of those who don’t use it, 89% say they would if the credit were broadened to include more types of childcare (i.e. in-home care).
The full results of The 2023 Future of Benefits Report can be found here.
About The 2023 Future of Benefits Report
This sample of 500 U.S. adults was surveyed in December 2022. All respondents are C-Suite level executives, HR Managers, or higher ranking staff at a company of 500 or more employees, and are at least partially responsible for company decisions regarding employee benefits, confirmed by both consumer-matched data and self-confirmation. DKC Analytics conducted and analyzed this survey with a sample procured using the Pollfish survey delivery platform, which delivers online surveys globally through mobile apps and the mobile web along with the desktop web. No post-stratification has been applied to the results.
Available in more than 17 countries, Care.com is the world's leading platform for finding and managing high-quality family care. Care.com is designed to meet the evolving needs of today's families and caregivers, offering everything from household tax and payroll services and customized corporate benefits packages covering the care needs of working families, to innovating new ways for caregivers to be paid and obtain professional benefits. Since 2007, families have relied on Care.com's industry-leading products—from child and elder care to pet care and home care. Care.com is an IAC company (NASDAQ: IAC).
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Communications Manager, Care.com