The National Child Care Innovation Summit was a watershed moment in America’s child care crisis. Convened by the U.S. Chamber of Commerce, the U.S. Chamber of Commerce Foundation, and the U.S. Department of Commerce, the event made clear what working parents have always known: child care is an economic issue. Full stop.
The timing of the event was impeccable. A recent report by Child Care Aware showed that in all 50 states, child care costs more than rent; it is claiming more than 24% of household income per research from Care; and it is far outpacing inflation.
These facts are staggering. But dig a little deeper and you get to the heart of the economic conversation: without care, parents can’t work. And when parents can’t work, we all feel the pain. This isn’t theoretical. During the pandemic, we collectively witnessed nearly 3 million women leave their jobs (AKA the She-cession) because care was no longer accessible. Thankfully, women have returned to work at pre-pandemic levels, but that resurgence could be short-lived. The fallout from the expiration of federal funding continues to reveal itself nationwide, as daycares close their doors or shrink enrollments. We know the potential economic chain reaction, yet we still fail to enact national policy and invest in care despite the fact that this is a bipartisan issue, with bipartisan support.
Most people agree that our current care system doesn’t work. Higher income households have more options due to financial resources. At the other end of the economic spectrum, lower-income families can access more programs designed to provide help. But for those in between–the majority of families–support is harder to come by.
This is why the Summit was so important. It highlighted the need for collaboration between the private and public sectors, showcasing what real action looks like.
Employers are stepping up
Among the most powerful moments of the day were CEOs of large companies sharing why they offer care benefits and the direct impact they have on their teams. Hearing them made it abundantly clear that conversations about child care have moved from the living room to the conference room and for good reason. According to our 2024 Future of Benefits Report, care is common ground for employees and employers. Of those surveyed, 56% are prioritizing child care benefits in 2024 and roughly 80% said child care benefits positively impact their key objectives of productivity, talent recruitment, talent retention, and supporting a diverse and multigenerational workforce.
Each CEO had taken a slightly different approach to care yielding the takeaway that there is no one-size-fits-all solution. On-site daycare is a fantastic option for those who have access to it, but what about dispersed workforces, or workers on overnight shifts or in industries like retail, construction, and health care? To truly meet the needs of families, employers need options.
Take, for example, Suffolk Construction whose Chairman and CEO, John Fish, was among those leaders at the Summit. Their industry faces a tremendous labor shortage and an aging workforce traditionally dominated by men. The Suffolk team aims to change that by removing several obstacles keeping women from these steady, good paying jobs. At the top of the list is child care. Over the last several years, our enterprise team – Care for Business – has been honored to partner with Suffolk providing benefits ranging from access to Care.com, coaching from Care Specialists, backup care, and more. The backup care alone has saved their employees nearly 280 days of work and equally important, Mr. Fish says these benefits let his team know they are cared for.
Another partner, Best Buy, was already offering employees a robust set of family care benefits including paid leaves of absence and personalized caregiver support services when they identified another challenge: what happened when care fell through? So, in 2018, they began to partner with us to offer backup care to their workforce spanning the corporate office, retail stores, Geek Squad, and the supply chain. To date, they have supported their employees with more than 7,000 days of backup care.
Executive Perspectives: The Critical Role of Employers in Child Care
Learn how John Fish and other executives are using child care benefits to empower their employees.
All together now
Employer support is critical, yes, and those leading the charge are to be applauded. But they can’t – and shouldn’t have to – shoulder the burden alone. We need systemic change and a policy framework that incentivizes more employers to offer care benefits and enables a comprehensive care structure that supports all workers and the caregiving labor force.
Secretary of Commerce Gina Raimondo asked the important question, “what do we need from her department and from the government?” The Summit itself was a powerful start. The event showed that progress is possible when we unite our efforts, share ideas and learnings, and see opportunities, not obstacles. It’s time to translate these conversations into concrete actions that will create a brighter future for families, businesses, and our economy.
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