The Best Employee Assistance Programme: Workplace Nursery
Discover how employer supported childcare and the Workplace Nursery Scheme can play a crucial role in talent acquisition and retention in the vibrant City of London by saving working families over £10,000 a year in tax.
Understanding the City of London's competitive job market
The City of London and Westminster are both known for their highly competitive job market. As one of the leading financial centers in the world and hubs for most asset management and private equity and hedge funds, the clusters in the Square Mile around Moorgate, Bank, Liverpool Street and further West around Victoria, Mayfair, Millbank and Vauxhall all attract top talent from various industries. The job market in the City is characterised by intense competition, with companies vying for the best candidates to fill their vacancies. This competitive environment poses challenges for employers when it comes to talent acquisition and retention, with many engaging in a diverse range of employee support services to stand out.
In order to succeed in this competitive job market, employers need to offer attractive benefits and employee assistance programmes incentives to attract and retain talented employees. One such benefit that can significantly contribute to employee retention is employer supported childcare, and the Workplace Nursery Scheme specifically ins one of the best performing Employee Benefits that companies have to offer.
The challenges of talent acquisition and retention in the City
Talent acquisition and retention are major challenges faced by employers in the City of London. With numerous job opportunities available, employees have the freedom to choose the best offers that align with their needs and priorities. This makes it difficult for employers to retain their top talent and prevent them from seeking opportunities elsewhere.
Furthermore, the high cost of living in the City adds to the challenge of talent retention. Employees often have to balance their work and personal lives, including the responsibilities of childcare. Without proper support, employees may feel overwhelmed and decide to leave their current jobs in search of better work-life balance.
The impact of employer supported childcare on employee retention
Employer supported childcare can have a significant impact on employee retention and those companies that factor in childcare into their employee assistance programmes can really stand out. By providing childcare benefits, employers can alleviate the burden of childcare responsibilities on their employees, allowing them to focus on their work without worrying about the well-being of their children.
Our schools are located right in the beating heart of London's commercial districts - only a matter of minutes walk from major transportation interchanges in Victoria, Vauxhall and Pimlico on London's mainline and Victoria line in the West; and from St Pauls on the Central Line; Barbican for the Circle Line, Metropolitan and Hammersmith & City line; or Liverpool street, Moorgate, City Thameslink and Cannon Street on the mainline in the City of London - and support hard working professionals from businesses such as Schroders, DLA Piper, Lloyds Banking Group, Barts Health NHS Trust, Investec, Bank of America, and the various Departments of State across Whitehall from the teams at the Home Office, the Department of Levelling up, Housing & Communities and Cabinet Office - who come to us given our Ofsted proven track record of providing high quality care and education to their children at wonderful environments just minutes from work. No rushing home to collect their children by 6 from a school close to home - their children can come to and from work with them, spending quality time with their parents that would otherwise be lost and providing them with that extra time focussed on work so they can commit to their careers.
But we go further - we also offer the Workplace Nursery Scheme, a scheme managed for us by Yellownest, which is a staff benefit that allows these employers to pay childcare fees from the pretax income of the staffer, effectively providing them with a substantial PAYE rebate as they only pay tax on the net salary payable. And we've saved some families over £10,000 in the year on this measure alone. When combined with the extension to the 15-30 hours free childcare for two year olds this coming year, and the fact we can bundle this incentive with our other subsidy programmes, such as the public sector discounts we offer for NHS staff benefits and local government staff benefits, we can drop the cost of care to around 20% of its face value. And according to our surveys, over 90% of staff would come back to the office full time should such a provision be available to them.
When employees have access to high-quality and affordable childcare options, they are more likely to stay with their current employers. This is especially true for working parents who value the convenience and peace of mind that comes with knowing their children are well taken care of while they are at work. By offering employer supported childcare, companies can create a supportive and family-friendly work environment, which in turn enhances employee loyalty and reduces turnover rates.
Benefits of employer supported childcare for talent acquisition
Employer supported childcare not only contributes to employee retention but also plays a crucial role in talent acquisition. In a competitive job market like the City of London, companies need to distinguish themselves from their competitors to attract top talent.
By offering childcare benefits, employers can position themselves as attractive employers that prioritize the well-being of their employees and their families. This can be a powerful recruitment tool, especially for working parents who highly value childcare support when considering their career options.
Additionally, employer supported childcare programs can help companies diversify their workforce by attracting and retaining more female employees. Working mothers often face challenges in balancing their work and childcare responsibilities, and offering childcare benefits can be a key factor in encouraging them to choose a particular employer.
Implementing effective employer supported childcare programs in the City
To implement effective employer supported childcare programs in the City of London, employers need to consider several factors. Firstly, it is important to assess the specific needs and preferences of employees in terms of childcare services. This can be done through surveys, focus groups, or consultations with employees.
Employers should also explore partnerships with reputable childcare providers to ensure the availability of high-quality and reliable childcare options for their employees. Flexible arrangements, such as on-site childcare facilities or subsidies for external childcare services, can further enhance the attractiveness of the programs.
Communication and promotion of the employer supported childcare programs are essential to ensure maximum participation and utilization by employees. Regular updates, clear guidelines, and easy access to information about the programs can help employees make informed decisions and take advantage of the benefits provided.
Finally, it is important for employers to regularly evaluate and improve their employer supported childcare programs based on feedback and changing needs of employees. Continuous monitoring and adaptation of the programs will ensure their effectiveness in talent acquisition and retention.