The childcare crisis is intricately linked to workforce stability and economic growth. Each year, approximately 1.77 million workers leave the workforce due to childcare challenges, creating a substantial impact on both individuals and the economy.
Barriers to Education:
Child Care as a Barrier: Childcare is often cited as a major obstacle preventing people from pursuing post-secondary education. By addressing childcare issues, we could significantly boost the number of individuals obtaining higher education and, consequently, expand our workforce.
Economic Impact: Potential to add $9 billion per cohort to the state if post-secondary education enrollment increases by 20%.
Left attainment program: 42% of women and 26% of men who left attainment program cited childcare as a major factor of leaving program.
Effect on Current and Future Workforce:
The impact of childcare on the workforce extends beyond current employees. Children who lack access to quality PreK education often start kindergarten at a disadvantage compared to their peers. Early childhood experiences, particularly between birth and age five, are crucial for building a strong foundation for future learning and career success. Investing in childcare and early education now is essential for developing a skilled workforce both for today and in the future.
Business Benefits:
Positive ROI: Businesses that implement (or piloted) childcare solutions such as onsite care, backup options, financial support, and invested in community partnerships, see a positive return on investment.
Cost of Employee Turnover: It costs about 1.5 times an employee’s salary to replace them, making childcare benefits a cost-effective strategy.