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Employers across the country are grappling with workforce shortages. The lack of qualified candidates has placed a strain on every industry, including banking. While we know we’re not alone, at Farmers Bank & Trust in Blytheville, we wanted to help remedy the recruitment and retention issues in Mississippi County, specifically for younger employees.
When we invited our team members to share what works well and what could be improved, one concern stood out: The cost of child care prevented many of our team members from fully committing to their careers. The overwhelming consensus was that young mothers, many of whom are tellers, often grapple with the difficult choice of whether to stay home with their children or find affordable child care to return to the workforce. The high cost of child care often made the decision for them, resulting in high turnover rates and difficulty retaining top talent.
As a result, we introduced a child care benefit program that covers 50% of employee child care costs, up to $5,000 annually, paid directly to licensed child care providers. This initiative is designed to alleviate some of the financial burdens of child care, enabling our employees to focus on their careers without sacrificing their family’s well-being.
The response has been overwhelmingly positive. Within weeks of launching the program, five employees immediately enrolled. We are optimistic that this initiative will improve retention and attract a higher caliber of new applicants — individuals who might not have considered employment with us otherwise. We believe this program will help us retain employees through the challenging early years of parenting, ultimately fostering long-term careers in banking.
Our child care initiative aligns with a larger conversation happening in Arkansas and nationwide. The child care crisis is a significant barrier to workforce participation, with only 15% of Arkansas families able to access quality, licensed care for their infants and toddlers. The average cost of infant care in a licensed Arkansas facility is approximately $8,000 annually, nearly 15% of the state’s median household income. This cost is prohibitive for many families, forcing parents to make difficult choices between their careers and their children’s care.
This issue is not only a workforce challenge but also an economic imperative. Reliable child care translates to increased attendance, higher productivity, improved employee retention and a better work-life balance. Quality child care lays the foundation for a skilled and competitive workforce, driving innovation and economic growth.
But we can’t do this alone. Employers, policymakers and communities must work together to address the child care crisis and support working parents. That’s why we’ve joined Excel by Eight’s Business Coalition — a group of Arkansas businesses and employers who advocate for policies prioritizing child care as a cornerstone of economic infrastructure.
Listening to employees and addressing their needs is not just good for morale — it is good for business. By making child care more accessible and affordable for working parents, businesses can support their employees and strengthen their communities.
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