Over the last few years, the radical shift in how we work has
also changed expectations between employers and employees. However,
Care.com’s 2024 Future of Benefits Report, released today,
reveals that there is common ground to be found in this battle:
care benefits. From productivity, to workplace dynamics, to
generational harmony, the research clearly shows that care benefits
enable both sides to get what they want.
Employers invest in benefits that drive productivity and help
recruit and retain talent, and the majority of employer respondents
report that child care and senior care benefits deliver on those
goals. For employees, care support is essential to perform one’s
job and employee respondents across generations report they have
caregiving responsibilities. As a result, 56% of the employer
respondents are prioritizing child care benefits in 2024 (up 10%
since 2023), and 50% are focusing on senior care benefits (up 7%
since 2023). Equally compelling are the findings that care support
is one thing all four generations in the workforce agree upon and
one benefit that fosters successful work places whether in office,
hybrid or fully remote.
“Our research makes one thing clear: when care support exists,
workers and workplaces are more productive,” said Brad Wilson, CEO
of Care.com. “Care benefits are the common ground across
generations and work locations, and an example of something that
serves employers and employees in equal measure.”
Highlights from the 2024 Future of Benefits Report, which
surveyed 620 C-suite level executives and HR decision-makers and
1,000 benefits-eligible employees, include:
Caregiving is the Common Language Across Generations:
Employee respondents across all four generations in the workforce
(Gen Z, Millennials, Gen X, and Boomers) reported they have
caregiving responsibilities for either children, grandchildren,
pets, or seniors, and 1 in 5 (20%) said they have previously left a
job because their employer lacked family care benefits. And the
demand for benefits defied generational stereotypes. The percentage
of employee respondents caring for seniors was nearly uniform
across generations and 21% of employee respondents said that they’d
switch jobs in order to obtain senior care benefits.
Employee Benefits Ease the Financial Burden of
Caregiving: The soaring cost of care has employees looking for
financially-related care benefits through work and this is an area
where employers can deliver meaningful impact. Among family care
benefits they would want to receive if they could only have one,
employee respondents chose those that would mitigate the cost of
care – Dependent Care Flexible Spending Accounts (FSAs) and cash
subsidies for care, which ranked first and second, respectively.
These same benefits also ranked among the top four family care
benefits among employers.
Additionally, 30% of employee respondents ranked cash subsidies
for care as the #1 family care benefit they do not currently have
but would definitely use if available. For employees who have
access to child care or senior care benefits, respondents revealed
major savings, reporting an average annual out-of-pocket savings of
$2,727 for child care and $2,909 for senior care.
Successful Work Arrangements, including Return-to-Office
(RTO), Rely on Family Care Benefits: As more employers ask
workers to return to offices and worksites – as 89% of employers
surveyed indicated they are – the majority striving for a return to
office are providing benefits to support the transition. Child care
and senior care benefits rank in the top three for employer
respondents (55% and 47%, respectively) which correlates to worker
needs. Nearly half (48%) of employee respondents reported that
child care benefits were highly critical for them in order to
return to office successfully, with 43% responding similarly for
senior care benefits.
Family Care Benefits Meet Employers’ Business Objectives and
Workers’ Needs: The majority of HR leader respondents agree
that care benefits help meet their objectives, reporting that both
child care benefits and senior care benefits have a positive impact
on employee productivity (82% and 78%, respectively). In fact,
employers ranked child care and senior care benefits among the top
benefits they are prioritizing in 2024, with 56% prioritizing child
care benefits (up from 46% in 2023), and 50% prioritizing senior
care benefits (up from 43% in 2023).
The full results of The 2024 Future of Benefits Report
can be found here.
2024 Future of Benefits Report Methodology
The Future of Benefits Report surveyed two samples. The sample
of 620 U.S. adults was surveyed from November 11 to December 10,
2023. Sampling was calibrated to ensure a representative sample
from each of ten industries. All respondents are C-Suite level
executives, HR Managers or higher ranking staff at a company of 100
or more employees, and are at least partially responsible for
company decisions regarding employee benefits, confirmed by both
consumer-matched data and self-confirmation. Five industries are
represented by 75 respondents: (1) technology, (2) finance,
insurance, (3) retail, (4) healthcare, (5) manufacturing,
construction. Four industries are represented by 50 respondents:
(1) food, hospitality, (2) education, (3) transportation, supply
chain, warehousing, (4) government, non-profit work. One industry
is represented by 45 respondents: the legal sector.
The sample of 1,000 U.S. adults was surveyed from November 11 to
15, 2023. Sampling was calibrated to ensure an equal sample of 100
responses from each of ten industries: (1) technology, (2) finance,
insurance, (3) retail, (4) healthcare, (5) manufacturing,
construction, (6) food, hospitality, (7) education, (8)
transportation, supply chain, warehousing, (9) government,
non-profit work, (10) the legal sector. All respondents are
currently employed for wages and eligible for employer-provided
benefits, confirmed by both consumer-matched data and
self-confirmation.
DKC Analytics conducted and analyzed these surveys with a sample
procured using the Pollfish survey delivery platform, which
delivers online surveys globally through mobile apps and the mobile
web along with the desktop web. Response completion rate was 65%,
and only fully completed responses were considered valid. No
post-stratification has been applied to the results.
About Care.com
Available in 21 countries, Care.com is the largest online
platform for finding and managing family care, spanning in-home and
in-center care solutions. Since 2007, families have relied on
Care.com for an array of care for children, seniors, pets, and the
home. Designed to meet the evolving needs of today’s families and
caregivers, the Company also offers customized corporate benefits
packages to support working families at more than 700 global
clients, household tax and payroll services, and innovations for
caregivers to find and book jobs. Care.com is an IAC company
(NASDAQ: IAC).
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240305226580/en/
Media Contact:
Jamie Gentges Public Relations Associate, Care.com
jamie.gentges@care.com
Mackenzie Nintzel Public Relations Associate, Care.com
mackenzie.nintzel@care.com
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