YellowNest is a workplace benefit that utilizes a salary exchange model to reduce childcare costs for parents, enabling them to save up to 47% on fees while ensuring nursery payments are managed efficiently. This approach provides employers with a cost-effective solution to attract and retain talent, while also delivering additional funding to nurseries with minimal administrative burden.
Funding
Funding not disclosed
Founders
Product
Problem
Childcare costs in the UK are exceptionally high, creating a significant financial burden for working parents. Existing government support may not fully alleviate these costs, making it difficult for parents to afford quality childcare and potentially impacting workforce participation.
Solution
YellowNest offers a workplace benefit program that utilizes a salary exchange model to reduce childcare expenses for parents. By implementing this benefit, employees can save up to 47% on childcare fees through pre-tax salary deductions, while still receiving their full gross salary for pension and other benefit calculations. YellowNest also streamlines nursery payments, ensuring nurseries receive fees upfront and on time. This approach provides employers with a cost-effective way to attract and retain talent, increase workplace diversity, and support working families.
Target Audience
YellowNest targets employers in the UK looking to enhance their employee benefits package, attract and retain talent, and support working parents within their organization, as well as nurseries seeking a reliable payment solution and increased enrollment.
Features
- Salary exchange model enabling pre-tax childcare payments for employees
- Potential savings of up to 47% on childcare costs for parents
- Direct nursery payments, ensuring timely and reliable fee collection
- Employer dashboard for managing employee participation and cost savings
- Employee portal for tracking savings and managing childcare payments
- Integration with existing payroll systems for seamless implementation