What’s going on:
In an effort to attract and retain working parents, SPAM-maker Hormel is building a $5 million daycare center in its hometown of Austin, Minnesota.
Scheduled to start construction by late April, the facility will be capable of accommodating 130 children, as well as a few spots for non-employee residents.
Why it matters:
The childcare crisis has kept countless parents from entering the workforce, and while employers are increasingly offering childcare as a benefit, it is still a challenge to secure affordable care.
“You don’t have a workforce if you don’t have childcare that they’re able to rely on,” Angie Bissen, Hormel’s manager of HR business partners, told Axios.
How it’ll impact the future:
Hormel is the latest to join the increasing number of companies that are providing childcare facilities to appeal to parents in the highly competitive labor market. With the recent tax incentives, some of the initial expenses and likely losses associated with the launch of these centers can be covered.