How Offering Child Care Benefits Can Boost a Company's Bottom Line
Matt Rose, Executive Chairman of BNSF Railway and Chair of the Board of the Dallas Federal Reserve Bank, authored an essay this month highlighting the need for businesses to invest in high-quality child care for their employees - and the advantages that come from that investment.
A few of the impactful quotes he relays in the article include:
The average American couple spends 25.6% of net income on child care, and that number soars to 52.7% for single parents.
U.S. businesses lose $3 billion annually due to employee absenteeism resulting from a breakdown in child care.
The potential return from a focused, high-quality early childhood development program is as high as 16% per year.
Employer-provided child care is tax free to the employee, much like health insurance is tax free.
When companies provide child care, employee absences decrease by up to 30% and job turnover declines by as much as 60%.
We applaud Matt Rose’s leadership in bringing attention to the need and opportunity that exists for local businesses to invest in their current and future workforce through quality early childhood education. To read this article in its entirety in the Dallas Morning News, click here. To view it in The Bush Institute’s publication The Catalyst, click here.