The list of companies offering family stipends is ever-growing, but here are a handful that stand out as great examples:
Bank of America, Washington, D.C.
The large banking company offers a childcare stipend of $75 to $100 per day to offset childcare costs for children up to age 12. The company also offers a stipend for the care of special needs children up to age 21.
Facebook, Menlo Park, California
Among its many employee benefits, tech giant Facebook offers coverage for its employees fertility treatment costs up to $100,000 (includes four cycles plus PGS).
Best Buy, Richfield, Minnesota
In December 2018, Best Buy announced a backup childcare benefit to working parents whose regular childcare arrangements were not available. Employees can use up to 10 backup childcare days per year and only need to pay a $10 copay for the benefit. Subsidized backup childcare is available when school or daycare closes for the day, a regular caregiver is sick or on vacation, or an unexpected gap occurs in regular childcare arrangements.
Cedars-Sinai Hospital, Los Angeles, California
The 15,000-employee hospital allowed parents who could complete their work from home to do so. For those whose duties required regular interaction with patients, Cedars-Sinai offered a $100 per day childcare stipend. The hospital also chose to retain employees when the freeze on non-essential medical care started rather than placing them on furlough to ensure their financial stability.
Unilever, Englewood Cliffs, New Jersey
This household company with a massive footprint and likewise massive employee base shows how much they care about family by offering fertility treatment coverage of up to $75,000
Kaiser-Permanente, Los Angeles, California
As the largest private-sector employer in America’s second-largest city, Kaiser-Permanente began offering a $300 per week childcare stipend to any of its 40,000 employees who needed it starting in April 2020. Employees can use the childcare stipend to pay a childcare center, home daycare, friend, or relative to watch their children.
Starbucks Coffee, Seattle, Washington
The nation’s largest group of retail coffee shops created a backup childcare benefit similar to Best Buy’s in October 2018. Starbucks made this move after accessing a National Children’s Health Survey that indicated two million parents quit their jobs in 2016 due to childcare issues. With benefit parameters similar to those of Best Buy, Starbucks employees can opt to pay $1 per hour for in-home childcare or $5 per day to a daycare center.
There are many more examples of companies doing family stipends successfully. If you want to hear what our customers are doing, click here to talk with a Compt lifestyle benefits specialist.