Unit 7 Rough Draft - Copy

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Purdue Global University *

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Management

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Apr 25, 2024

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docx

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1 RESEARCHED PROPOSAL TO IMPLEMENT THE CHILDCARE INSURANCE FUND AS AN ADDITIONAL WORKPLACE INSURANCE Submitted to Marvin Ellison CEO Lowes Home Improvement Prepared by Jazmine Perkins Project Support Professional Lowes Home Improvements March 25, 2024 LOWES HOME IMPROVEMENTS

2 Memorandum To: Marvin Ellison, CEO Lowes Home Improvement From: Jazmine Perkins, Project Support Professional Support at Lowes Home Improvement Date: March 25, 2024 Re: Researched Proposal to Implement the Childcare Insurance Fund as an additional Workplace Insurance ______________________________________________________________________________ Hello Marvin, As a dedicated employee and working parent at Lowes, I'd want to draw attention to an issue that affects not only me but many other working parents in the company: the challenge of integrating professional obligations with the demands of parenthood. Motherhood is rewarding but requires a lot of work, especially daycare. As a working mom, I know the challenges of obtaining inexpensive, trustworthy childcare. It is regularly hard for me to excel in my work at Lowe's while also ensuring that my children receive the care and attention they require. Unfortunately, working parents face several obstacles in today's childcare setting. Many people face outrageous expenses, limited availability, and a lack of high-quality childcare. These problems influence our personal life and professional performance. Considering these challenges, I propose the implementation of a childcare insurance fund within Lowes. This fund would give financial assistance to employees to help cover the costs of daycare. According to Hsiao (2023), important work-family practices should be actively implemented by companies, according to social welfare experts and other academics, to support employees in juggling their tasks in the home and workplace (Hsiao, 2023). This perk would show Lowe's commitment to working parents and work-life balance for all employees. There are several benefits to developing a childcare insurance fund. For instance, it would help working parents reduce their financial worries, allowing them to focus more on their job. In addition, it would be a great way to attract and keep good workers by creating a supportive environment for working parents. Lowe's can also profit from the financial benefits from its childcare support efforts. According to research, businesses that encourage working parents have improved employee morale, increased productivity, and reduced turnover rates. Organizations may improve resilience and efficiency, retain talent, and preserve employee health by helping

3 their employees during difficult times (Politzer, 2021). By investing in our employees' well- being, we can improve workplace morale and productivity. I urge you to consider developing a childcare insurance fund within Lowe’s. This way, we can help our employees be working parents and demonstrate our dedication to inclusion, diversity, and work-life balance. Your time and attention in considering this subject are appreciated. Please feel free to contact me at jazmine.perkins@lowes.com to continue discussing this issue. Sincerely, Jazmine Perkins Project Support Professional

4 EXECUTIVE SUMMARY The 2021 COVID-19 epidemic caused global mental and economic issues. All workers except healthcare personnel were forced to stop working and care for their families until the pandemic's shock subsided. A few companies failed to recover from the recession, sending workers into a frenzy. Some skilled workers lost their jobs or got significant salary cuts. When these workers returned to work, environmental changes happened; they worked from home. This proposal aims to establish a childcare insurance fund for employees that is inclusive of the current healthcare insurance program. Average company retention rates among non-parent employees and working parents have been analyzed in my research. I have conducted a study on the impact of distractions and limited distractions on employee productivity in the workplace. I will provide personal stories gathered from interviews I did with working parents, seeking their views on the challenges of being a working parent and the advantages that companies may offer to support them as working parents. The proposal's conclusion will gather all the information presented and highlight the childcare insurance fund while addressing the ongoing need for childcare security in the workplace. The objective is to improve employee support and boost the company's productivity and dependability. The assistance provided will benefit both the working parent and the company through the implementation of these objectives. This enables employee retention, reliability, and workplace productivity. Companies that support their workers and their families see increased levels of creativity and gain a competitive edge in terms of staff retention, productivity, and company branding (Frauenheim, 2021).

5 TABLE OF CONTENTS MEMORANDUM ................................................................................................................. 2 EXECUTIVE SUMMARY ................................................................................................... 4 INTRODUCTION ................................................................................................................... 6 CHALLENGES ....................................................................................................................... 6 PROGRAM IMPLEMENTATION ....................................................................................... 7 SUPPORTING EVIDENCE ................................................................................................... 7 Retention Rates: Non-Parent Employees vs. Working Parents ................................... 7 The Effects of Distractions vs. Employee Productivity ............................................. 9 Company Covered Childcare Expenses ........................................... CONCLUSION ...................................................................................................................... 10 REFERENCES ....................................................................................................................... 12

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