BRG – JPMC – Bright Horizons – Transcript
30 years ago Bright Horizons started to help working mothers come to work. Our mission for Bright Horizons is to provide innovative solutions that help children, families, employees, and employers work together to be their very best. We are committed to providing the highest quality childcare, education, and work life solutions in the world. J.P. Morgan and Bright Horizons have had a long-standing relationship since 1992, which is wonderful.
Bright Horizons has really become an extended family of J.P. Morgan in many aspects. Many of our teachers and our account managers have been working with us for decades, for years.
What I value most about the relationship between J.P. Morgan and Bright Horizons is really the partnership. We rely on them for childcare services, and they rely on us to help them provide the capital to grow.
They watched J.P. Morgan children grow up and they live the ups and downs with our employees, through the good times and the bad times. And that was never more prominent than this past year during the global pandemic.
COVID put child care and family support into a whole new light. We’re living at work, and so it's changed the way that we need to provide that support. When you think about the fact that one third of employees has a child less than 14 years old living with them, and that 35 percent of U.S. child care centers remained closed during the pandemic, we had to step in quickly, and we had to step in to say how can we help all essential workers to keep our world and our economy going? It became really important that we, Bright Horizons, could reach out and provide them with the support they need.
Given our long-standing partnership, the shared value and vision that we have, we’re really able to be innovative and evolve to meet our employee's best needs.
J.P. Morgan went out of its way to insure that those teachers who were not working at open centers continued to work from home and those individuals who were coming in received enhanced wages. I mean that’s just great partnering. That's the way we work together.
We just really value the partnership. This is a really fruitful relationship that we hope will go on for many more decades to come.
I think what makes Bright Horizons so special with the clients that it works with like J.P. Morgan is that ability to say that education and care change our world, one child, one family, and one organization at a time.
The competing demands of work and home life have intensified during the COVID-19 crisis, with childcare and family support becoming an added challenge for working parents and caregivers. Bright Horizons, the largest provider of employer-sponsored childcare as well as a back-up child and elder care provider, was in a unique position to help. The global company continued to provide caregivers with services in a time of need, supporting essential workers with dedicated backup and fulltime childcare centers.
However, meeting these unexpected needs wasn’t an easy feat. In response to the pandemic, Bright Horizons launched its Crisis Care Assist program, a reimbursement care option that helps working caretakers arrange alternate child or elder care. The program delivered exactly what working caregivers needed during the pandemic—so much so that nearly half of Bright Horizons backup care clients opted into the program in 2020. With that many requests, Bright Horizons needed help processing a larger volume of crisis care funds than ever before, so they turned to their nearly 30-year financial partner J.P. Morgan. After bringing together a team of experts to build the infrastructure, J.P. Morgan was able to facilitate Bright Horizons’ crisis care payments. As a result, J.P. Morgan processed more than a million small-sum individual payments, which were successfully delivered to caretakers for the support they needed in the first few months of the crisis.
Additionally, as a client of Bright Horizons, J.P. Morgan has relied on Bright Horizons’ adaptive care solutions for its employees. The two have worked together to give J.P. Morgan parents and caregivers access to supportive resources for nearly 30 years. Together, they evolved their offerings throughout the pandemic by creating enhanced programs for employees. As workers come back into the workplace, Bright Horizons will continue to provide the same support in flexible ways, always keeping their focus on the families they serve.