Two thirds of workers believe that having a child would adversely affect their career while one in three working parents are considering giving up their jobs to care for their children.
These are the findings according to research conducted by the Corporation of London.
The report finds that despite the majority of City workers indicating satisfaction with their current childcare arrangements many feel they lack information, support and flexibility from their employers.
Consequently half a million working days are lost in the Square Mile each year due to childcare related problems.
As of 1 April this year employees will be able to take advantage of new exemptions available through Income Tax and National Insurance. Eighty-six per cent of parents and 45% of businesses however are unaware of the new scheme.
According to the research, businesses that do support their employee’s childcare identify a number of business benefits including:
- reduced absenteeism
- higher staff morale
- a more dedicated workforce
- lower staff turnover
- greater number of women returnees
Four areas in which working parents want support from their employers have been identified:
1. Provision of basic information
2. The ability to work from home/work flexible hours
3. Provision of tax free childcare vouchers
4. Paid leave for childcare purposes
Ian Comfort, City Education Officer at the Corporation of London said:
“With long working hours and often lengthy commutes, many people find it difficult to progress their careers while managing childcare arrangements.
Childcare must be given higher priority; employees need to know what help is available and it is vital that business understands the benefits of supporting employees childcare needs.”
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