ClassWallet’s Post

Child care is a lifeline for working families. And while many employers are stepping up, there’s still a disconnect between what parents need and what they’re getting.  Our latest report, “Empowering Parents for Workplace Success,” was produced in partnership with The Harris Poll and taps into how parents in America feel about balancing work and family. Here’s what we found.     More than half of parents say their employer-sponsored child care benefits are a top three reasons to stay at their current job. For Gen Z, it’s the #1 factor in job loyalty.      Grab your copy of our latest report and learn:   What parents in your workforce really want    How to attract and retain the best talent   The competitive advantage child care benefits bring to your organization    ... and much more.  https://lnkd.in/e3-nf3BQ       #childcare #onsitechildcare #supportingworkingfamilies #employeebenefits #futureofwork #childcarebenefits   

In case you missed it over the weekend, the $24 billion pandemic-era stimulus funding that sustained the U.S. child care industry expired. Why it matters: Nationwide, more than 70,000 child care programs are projected to close, and about 3.2 million children could lose their caregivers – leaving parents around the country with tough decisions to make about their jobs. Without child care available to them, working parents may have to choose to reduce hours and work part-time, or even leave their employers entirely. Read more to find out how the child care crisis impacts working mothers in particular, and the threat it poses to the economy. #Parenthood #Motherhood #Childcarecrisis #workingmother #business #RTO #returntooffice #workforce #employees #economy

The era of unprecedented economic change we're navigating challenges us to reassess our organizational strategies, pushing us to adapt and innovate for growth and survival. Let's take a temperature check - how is your business's productivity performing currently? How many vacancies do you currently have open, and are attendance issues posing a challenge in this new landscape? Now, I present a provocative proposition: what if your business took the step of covering childcare costs for your employees? Yes, a substantial investment, but one that could also offer substantial returns. I'll argue until I am blue in the face that child care is an economic issue— one of the largest barriers to productivity and workforce stability. By offering childcare support, businesses could potentially increase productivity, reduce absenteeism, improve employee retention, and widen the talent pool. From the Dispatch: "[Page] McGinnis acknowledged that the largest barrier for companies was finding money available to make child care accessible and available to their employees. He said businesses must look at how they are spending money, but said child care should be a priority." #leadership #businessstrategy #childcare #productivity #employeebenefits #futureofwork

During the pandemic, working parents were required to balance both child care and work, at home. As per a Mckinsey survey, during the pandemic : - 45% of mothers with children aged 5 and under left the workforce for child care. - 14% of fathers left the workforce for the same reason. As child care facilities closed, there had to be someone available at home to take care of the kids. Family time during the pandemic has changed the priorities of humans. As a parent, time is essential for you to understand what works for you and your kids. When parents drop out of the workforce, companies lose functional expertise, knowledge, managerial capabilities, and mentorship. This is why, I believe that the value proposition of job offers will require a lot of rethinking while a company drafts the same. #worklifebalance #childcare

We are seeing the departure of dedicated colleagues from the childcare sector, this is the challenging reality of unsustainable funding rates. 🏫👩🏫 In an industry that plays a pivotal role in shaping our future generations, we are at a crossroads where immediate action is imperative. The exodus of passionate providers not only affects the quality of care and education provided to our children, but also undermines the stability of the entire sector. 🌟🧒👶 Our mission must now be: To continue to advocate for sustainable funding that reflects the true value of childcare, and to bolster our collective efforts in retaining and supporting our invaluable colleagues. By continuing to battle for sustainable funding rates, we take a crucial step towards securing a brighter future for both the childcare workforce and the children they tirelessly nurture. 💪🌈 We must continue to come together, share our stories, and amplify our voices. It's time for change and to ensure that every child has the privilege of a nurturing and enriching childcare environment. 💖🌱 #ChildcareSustainability #EducationMatters #InvestInOurFuture

"74% of low-income mothers cite financial insecurity as their primary stressor. With concerns surrounding adequate pay amid inflation and sky-high daycare costs, working mothers continually seek accommodating positions that offer higher pay or work-from-home capabilities." "Roughly one-third of employed low-income mothers have switched jobs in the past year, and more than half of low-income mothers (58%) struggle to access affordable and reliable child care." Parents, especially moms, are bearing the brunt of the child care crisis. This isn't a family issue, this is a business issue. Employers need to be providing child care support for their working parents if they want to retain and attract workers. https://lnkd.in/eWX6j2gi

"We need our representatives in Congress to do a better job of creating policies that are friendly to working parents. On top of that, we need more working parents to show up at work and advocate for themselves. It's not just on the #employer, and it's not just on the #government. It's also on these people to not accept the status quo, or nothing is going to change.” Read "Why The Child Care Crisis Is Actually An Economic Crisis" from Forbes: #ChildCare #PolicyMakers #EmployeeRetention

Check out CoM founder Lauren Smith Brody in a recent Motherly® article, calling on employers to see the benefits in "both private-and public-sector progress" on childcare and flexibility for parents and caregivers more generally. As author, Alexandra Frost, highlights:  📍 "70% of credentialed women who left the #workforce would have stayed for more flexibility" 📍 "83% of #millennials would leave their current job for another that offers stronger family-friendly benefits" 📍 "52% of #workingmoms said the cost of #childcare has made them consider leaving the workforce." How would more flexibility around parenting change your work life? #paidleave Source: "Business leaders are stepping up to help working parents combat the childcare crisis" by Alexandra Frost -  https://lnkd.in/gy3NnufH

Workforce Development Month: Issues that Impact the Development of Today's Workforce CHILDCARE Bringing awareness to issues that impact the development of today's workforce is necessary to implement change. A recent Forbes article discusses the childcare crisis and it's impact on economic development: https://lnkd.in/gb8e5bZS The childcare crisis impacts workforce development, as well. Both workforce and economic development work hand in hand. Development of a workforce that meets the demand of industry today requires workforce development partners, leaders, and elected officials to address these social issues that limit women from progressing in their careers. In some instances, women are unable to stay in the workforce. #workforcedevelopment #workforcedevelopmentmonth #economicdevelopment #womeninworkforce #childcare

"AND WE NEED TO START THINKING ABOUT #CHILDCARE IN THE SAME WAY. . ." 👀 Check out this Federal Reserve Bank of Boston podcast with senior policy analyst Sarah Savage and hosted by senior writer and editor Jay Lindsay! Link to complete podcast (13:09) below. Overview: Does a struggling #childcare sector hurt #employers? Some research indicates expensive, inaccessible child care costs employers billions by causing #worker absenteeism, loss of productivity, and a diminished #talent pool. Sarah Savage (excerpt): "Of course, we know the importance of needing roads and public transit to get to work, but we also, many of us, many with caregiving needs also need a place for their children. And this is really obvious to say, but I don't think we consider child care as much as a part of the workforce #infrastructure as we do some of those other more obvious things like roads and bridges and public transit. And we need to start thinking of child care in the same way. . ." #childcare + #workforce = #jobs + #economicgrowth for ALL of @Massachusetts! #MassBiz4EarlyEd Follow and learn more with the Massachusetts Business Coalition for Early Childhood Education! https://lnkd.in/ejq5uHtT