Employee Benefits: Childcare Vouchers New research from Sodexo Benefits and Rewards Services has revealed that 41% of employees in the UK want their
Employee Benefits: Childcare Vouchers
New research from Sodexo Benefits and Rewards Services has revealed that 41% of employees in the UK want their employer to provide childcare vouchers as part of their benefits scheme.
When asked what employee benefit individuals would like to receive from their employer, childcare vouchers were the second most popular choice after pensions. In addition, 36% chose discounted shopping and 20% chose car financing options.
At a time when financial bonuses are becoming increasingly rare and wages are remaining stagnant, employees are looking to their employer for benefits that will have a positive impact on their quality of life.
The research, which surveyed over 1,000 working adults, also found that:
The cost of childcare has increased by more than 10% for nearly a third (32%) of parents since they started raising their child
22% of parents have had to borrow money from friends and family to pay for childcare
James Malia, Director of Employee Benefits, Sodexo Benefits and Rewards Services, said: “With just a matter of weeks to go until the new tax-free childcare scheme is introduced by the Government, our research highlights that employees still view childcare vouchers as a highly valuable and sought after employee benefit. With vouchers soon to disappear from the employee benefits world, businesses are going to have to think about other ways they can support families in order to remain competitive when it comes to attracting and retaining top talent.”
Parents are being urged to sign up for childcare vouchers now, before they are closed to new entrants on 28th April 2018. In doing so, parents will give themselves the power of choice in the long term to select the scheme which leaves them financially better off.