The business of employees and family finances

By Adam Groff

More and more working professionals have growing families, which is why businesses all across Canada are helping their employees combine family life and work life.

RELATED TOPIC: 3 ways to earn more profit for your company

There are a number of ways the business world is making it easier for employees to raise their families while also working a full-time job.

Here are just a few examples of Canadian businesses doing just that:

Family-friendly Canadian businesses

When it comes to a productive and happy workforce, many of Canada's top businesses already know how important it is to put family first. That's why a growing number of

Canadian businesses are helping their employees devote more time to their families without hurting their finances as a result.

Among the examples:

ISM Canada - This computer programming firm located in Regina offers its employees a variety of different work options, including schedule flexibility and telecommuting.

University of Toronto - The University of Toronto employs many different types of workers, including new mothers and fathers. To ensure employees with growing families are able to continue working during all stages of raising their children, the university offers onsite daycare.

Vancouver City Savings Credit Union - This Vancouver-based credit union provides all of its employees a real living wage as well as substantial family health insurance benefits.

With the family-friendly businesses above in mind, here are just a few other ways Canadian businesses are helping their employees….

Daycare subsidies

When employees return to work after a parental leave, one of the most expensive aspects of being a full-time employee and new parent is the cost of childcare.

In fact, the article, "Help with Adoption: The Costs of Raising a Child" mentions that full-time childcare can cost hundreds of dollars a week.

That's why Canadian businesses are offering employees offsite daycare subsidies in order to help offset the cost of childcare.

These subsidies, which oftentimes cover 100% or childcare costs, allow new mothers and fathers to continue working a full-time schedule.

This is also beneficial to the businesses involved because it allows them to retain their top employees even during the child raising process.

Alternative work schedules

Employers no longer consider the workday a 9 to 5 schedule.

Employers all across Canada are beginning to offer their employees alternative work schedules.

Telecommuting is the most popular version of a flexible work schedule and allows employees to complete some or all of their work from home.

However, there are new forms of schedule flexibility gaining popularity at the workplace.

For example, many businesses are allowing employees with growing families to compress their workweeks.

By completing more tasks per day, compressed workweeks are helping employees turn a 5-day workweek into a 3 or 4-day workweek. 

Parental leave extensions

Sometimes parents aren't ready to return to work after their parental leave. An employee who isn't ready to return to work isn't good for the family atmosphere or the work atmosphere.

That's why many Canadian employers are offering parental leave extensions.

These leave extensions allow employees to extend their leave of absence a few more weeks without penalty. Leave extensions are proving to be so beneficial that many businesses are even offering paid leave extensions.

From daycare subsidies to alternative work schedules, it's plain to see that Canadian businesses are putting family first.

RELATED TOPIC: Don’t let bad credit stymie your business aspirations

About the Author: Adam Groff is a freelance writer and creator of content. He writes on a variety of topics including childcare and employee health.

Let's Connect!


Read the latest edition of Business Review Canada!


Featured Articles

How Elon Musk pulled off a $44bn hostile takeover of Twitter

As the world’s richest man, Elon Musk, takes over tech giant Twitter, we highlight the timeline that led to this titanic takeover

Amazon, Alphabet, Wells Fargo best workplaces, says LinkedIn

The top 50 workplaces to grow careers prioritise flexible work and tuition-support programs, as top-ranking firms Amazon and Alphabet prove, says LinkedIn

Top 10 women in technology in the US

These 10 women in tech are forging a path into bold areas of innovation and technological ambition, according to sister publication Technology Magazine

8 executive moves to crypto – from mainstream to startup

Technology & AI

Digital Twins tech ‘missing link’ in urban decarbonisation

Technology & AI

The Metaverse Foundry from Infosys is a business playground

Technology & AI