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Small & Micro Businesses Lead Uptick in Family-Friendly Benefits Including Back-Up Child Care and Employee Healthcare, According to New 2024 Data from The Best Place for Working Parents® National Trends Report
Wednesday, February 19, 2025
The third annual report, based on data from nearly 4,000 businesses across the country, highlights the continued increase in family-friendly trends, showcasing the strengths and opportunities for companies by size, industry, and region.
FORT WORTH, Texas, Feb. 11, 2025 /PRNewswire/ -- Today, The Best Place for Working Parents®, the national network of businesses and regions across the U.S. committed to implementing evidence-based, family-friendly strategies that support their working parents AND their business, has released its third annual National Trends Report in partnership with Empactiv Analytics. The full report can be read here.
The 2024 National Trends Report explores research-backed, family-friendly benefits and policies, emphasizing their crucial role in attracting and retaining top talent. It provides valuable industry insights into which benefits have become standard practice, equipping businesses with the tools to stay competitive in the talent market. This year's edition also features in-depth analyses of child care and healthcare policies, offering leaders a deeper understanding of how these offerings have evolved over time.
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. Findings were based on data analysis of 3,949 businesses across The Best Place for Working Parents® national network which extends to 11 states and 21 regions across the U.S.
A few of the key findings from the report include:
1. Back-up child care is a growing policy across businesses of all sizes.
Perhaps because employers see a 30% reduction in employee absences when
offering back-up child care, there has been a three-year positive trend
in offering this benefit within micro- and small-sized businesses across
the Best Place for Working Parents® network, as well as for on-site
child care and child care assistance. Today, nearly 60% of small
businesses now provide back-up child care, while 83% of medium-sized
businesses and 82% of large-sized businesses offer this benefit.
2. Small businesses are closing the healthcare benefits gap with increased
adoption of the most popular trifecta of employee health benefits:
medical, dental, and vision. While medium- and large-sized businesses
dominated this trifecta of employee health benefit offerings in years
past, micro and small businesses have caught up in the health benefits
race, with 72% of micro businesses and 76% of small businesses offering
this trifecta today, compared to 82% of large businesses. This means more
small businesses are gleaning the 47% ROI on their investment in these
key policies.
3. Parental leave is a distinguishing "stand-out" policy in 13 out of the
top 19 industries in the Best Place for Working Parents® network. From
Business & Information, to Finance, Healthcare, and Technology, parental
leave continues to top the list of family-friendly policies that can give
companies a competitive edge in today's hiring market. The return on
these policies is significant - with recent research showing that small
businesses offering maternity leave are 50X more likely to have a
high-performing team.
"Now in its third year, The Best Place for Working Parents National Trends Report highlights an evolving workforce where adaptability is key," said Sadie Funk, National Director of The Best Place for Working Parents. "More than ever, companies that stay flexible and address the needs of their employees are poised for sustained growth. We encourage all businesses to leverage this report as a valuable resource to pinpoint strategies that will set them apart--helping to attract, motivate, and retain a skilled and diverse workforce."
See how companies compare by size, industry, and region - read The Best Place for Working Parents® 2024 National Trends Report here.
Report Methodology
This study analyzed application data submitted between December 11, 2019 and November 4, 2024 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 11 states and 21 regions across the United States.
About The Best Place for Working Parents®
The Best Place for Working Parents is a 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.
View original content:https://www.prnewswire.com/news-releases/small--micro-businesses-lead-uptick-in-family-friendly-benefits-including-back-up-child-care-and-employee-healthcare-according-to-new-2024-data-from-the-best-place-for-working-parents-national-trends-report-302372787.html
SOURCE The Best Place for Working Parents®
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