Farmers Bank announces new childcare benefit for employees

MISSISSIPPI COUNTY- Farmers Bank and Trust announces a new benefit designed to help employees with their work/life balance as well as increase staff retention.

Farmers Bank Community Bank President, Justin Bell, said “We recognize that our employees are the backbone of our success. We realize the challenges that come with balancing work and family responsibilities, particularly when it comes to securing quality childcare. Ensuring that our employees have access to reliable and high-quality childcare is essential for their peace of mind and productivity.”

For working parents, the challenge of securing quality childcare is a constant balancing act. They juggle multiple responsibilities, striving to provide for their families while ensuring their children receive the nurturing care they deserve. However, the financial burden of childcare often forces families into difficult decisions. In Arkansas, the average annual cost of childcare in a licensed facility is approximately $8,000 annually, nearly 15% of the median household income. This stark reality leaves parents grappling with the choice between sacrificing their professional ambitions to care for their children at home or choosing lower quality care for their children so the parents can work.

To address this critical need, Farmers Bank and Trust is proud to announce a new initiative aimed at supporting employees with their childcare responsibilities. The new childcare benefit will cover 50% of the costs (up to $5000 per year) for a state licensed childcare facility. The economic benefits of assisting employees with early pre-school childhood education costs are undeniable. This benefit will allow employees to have peace of mind while at work, which can lead to higher productivity and employee retention.

In Arkansas, the childcare crisis looms large, casting a shadow over the workforce’s ability to thrive and our economy to reach its full potential. Shockingly, only 15% of families in Arkansas can find quality, licensed care. This staggering statistic means that a significant portion of our future workforce lacks the foundational support necessary for early childhood education and care, hindering their parents’ ability to fully engage in the workforce.

Quality childcare services yield tangible benefits for businesses, including enhanced employee retention, reduced absenteeism and increased productivity. Beyond the immediate advantages, investing in quality childcare lays the foundation for a skilled and competitive workforce, essential for driving innovation and economic growth in our state.

To help address these issues, Farmers Bank has joined the Excel by 8 Business Coalition, a collaborative effort dedicated to advocating for policies that prioritize childcare as an essential component of our state’s economic infrastructure. For every dollar invested, there is a return of up to $13 in long-term economic gains. These gains include increased earning potential for children as they grow into the workforce, reduced reliance on public assistance programs and enhanced productivity for businesses.

“By ensuring that our employees have access to dependable, quality childcare options, we create a level playing field where all children can have a strong start. By offering this childcare benefit to our employees we believe that families can thrive and the workforce can grow stronger,” said Bell.

Farmers Bank is a Community Development Financial Institution dedicated to serving the needs of individuals, families, and businesses in Mississippi County and beyond. With a focus on community needs, Farmers Bank offers a comprehensive range of banking products and services tailored to meet the unique needs of Mississippi County. For questions or further comments please contact LaRay White, VP Community and Business Development Farmers Bank 870.763.8031 laray.white@fbtbly.com