Flexibility and Child Care Supports Continue to Drive Business Growth, Finds New 2023 Data from The Best Place for Working Parents®

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Jan 30, 2024, 08:00 ET

The second annual research report highlights the continued increase in family-friendly trends and opportunities for businesses across the country, showcasing the strengths and opportunities for companies by size, industry, and region.

FORT WORTH, Texas, Jan. 30, 2024 /PRNewswire/ -- Today, The Best Place for Working Parents®, the collaborative and expanding network of businesses across the U.S. committed to providing support for working parents through evidence-based strategies, has released their National Trends Report for 2023 in partnership with Empactiv Analytics.

The report examines the ten evidence-based benefits and policies implemented by businesses with family-friendly work environments, and highlights the competitive advantage these benefits provide in attracting and retaining employees. In its second year, the report introduces industry insights to assist business leaders in comprehending which family-friendly policies have become standard practice, and which can help them stand out from other businesses in their industry. The full report can be read here.

The report shares valuable insights and findings gathered from The Best Place for Working Parents® network which extends to ten states and 17 regions across the U.S. The report provides insight on the implementation of the Top 10 Best Place for Working Parents® policies by size, industry, and geography, in addition to tracking the rise and sustainability of flexible work arrangements over time.

A few of the key findings from the report include:

On-site child care will continue to grow: While still a relatively rare benefit, the implementation rate of on-site child care is growing faster than any other benefit – with a 47% increase since 2019. This is great news, given that businesses who offer onsite child care for employees experience a 7.4 times higher retention rate and 8.9 times more loyal employees. Micro businesses are leading in the pack in implementing onsite child care alongside their large-sized peers.
Flexible work arrangements are here to stay, benefiting both companies and working parents. Among the businesses designated as the Best Place for Working Parents®, an impressive 96% provide the option of flexible work schedules. Notably, employees in these organizations rate their workplace as 123.2 times more supportive compared to their peers. Alongside flexible hours, 93% of designated businesses offer remote work. Employers offering remote work have 2.1 times more motivated employees, who also experience 2 times better health outcomes.
Parental leave and child care support are differentiators in a competitive talent market. Across the Best Place for Working Parents® top industries, backup child care, child care assistance, and parental leave policies are all benefits that can help companies stand out in the current labor market.

"The data is clear: working parents are seeking out companies that offer family-friendly benefits that help them thrive in the workplace and at home, and companies that adopt these policies are experiencing a boost in business success," said Sadie Funk, national director of The Best Place for Working Parents. "Our hope is that companies can use this data to determine which benefits will help them stand out against their competitors to reap the rewards of attracting, motivating, and retaining a growing contingent of workforce talent – working parents."

See how companies compare by size, industry, and region – read The Best Place for Working Parents 2023 National Trends Report here.

Report Methodology

This study analyzed application data submitted between December 11, 2019 and October 1, 2023 from the Best Place for Working Parents network, revealing which types of organizations across the country are providing the top ten family-friendly policies proven to support working parents and businesses' bottom line. The Best Place for Working Parents network currently extends to ten states and 17 regions across the United States.

About The Best Place for Working Parents®

The Best Place for Working Parents is a collaborative and growing network of businesses across the U.S. dedicated to providing support for working parents through evidence-based strategies, proving that family-friendly is business-friendly. A public-private partnership, The Best Place for Working Parents offers a competitive designation that recognizes innovation across the top ten research-backed family-friendly policies that help working parent employees and boost employers' bottom line. Businesses can qualify to become a Best Place for Working Parents business designation by taking the first-of-its-kind business online self-assessment. Learn more at https://bestplace4workingparents.com.

MEDIA CONTACT

Lucy Hart
[email protected]
(214) 796-9006

SOURCE The Best Place for Working Parents®