Challenges

Access, Worker Issues

Location

Nationwide

Stakeholders

Businesses

Beneficiaries

Children, Parents

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Overview

JPMorgan Chase introduced a backup childcare benefit for its employees, partnering with Bright Horizons. The program provides subsidized on-demand care when regular childcare breaks down.

Key Impact Metrics

  • $800K
    saved in one year due to reduced absenteeism
  • ~17K
    employees served
  • 28
    available childcare centers

Problem

JPMorgan Chase, as a major financial institution, has always prided itself in having a culture of care. Childcare was to be no exception. With a demanding work schedule and tight deadlines, the firm needed a way to ensure staff could reliably come to work even when personal care arrangements were insufficient.

Solution

JP Morgan Chase partnered with Bright Horizons to provide childcare services to its employees across the United States. These include access to on-site childcare centers across 14 JPMC offices; 14 back-up childcare centers at Bright Horizon centers; and the opportunity for in-home care in limited situations. Care available for children six weeks – 12 years old. The program offers full-service for care, 5-day, 3-day, or 2-day per week schedules depending on availability. Employees have access to up to 20 days of back-up care per child per year.

Results

  • Beneficiary Impact
    ~$130 saved per day per child on childcare cost
  • Employee Impact
    $800,00 saved annually due to reduced absenteeism
  • Financial Results
    ~$15 million in employee savings

Replication Tips

  • Offer flexible childcare products: Offer both center-based and in-home backup options to meet different needs.
  • Employee champions: Encourage parent employees to share success stories internally, boosting program visibility.

Suggested Implementation Timeline

~8-15 months

Sources