What if your career as a working parent came crashing down because of a lack of accessible childcare? Could you imagine being forced to choose between your profession and your child's wellbeing?
We're peeling back the layers on a pressing issue - the Childcare Cliff - and how its domino effect threatens the progress women have made in the workforce. The expiration of $24 billion in funding puts more than 70,000 child care centers at risk, and with it, the livelihoods of millions of families.
Our discussion doesn't end there. We're throwing light on solutions and actions we can take, as individuals, communities, and policymakers. This issue isn't just a challenge—it's an opportunity for collective action. So, let's stay informed, share these insights with our communities, and actively participate in advocating for a sustainable solution to the "Childcare Cliff."
If you enjoyed the episode share it with a friend and don't forget to leave us a review. If you are ready to take your career to the next level, apply to join our community of professional women, all eager to help you get there and stay there. Check out our VEST Membership and apply today! www.VESTHer.co
What if your career as a working parent came crashing down because of a lack of accessible childcare? Could you imagine being forced to choose between your profession and your child's wellbeing?
We're peeling back the layers on a pressing issue - the Childcare Cliff - and how its domino effect threatens the progress women have made in the workforce. The expiration of $24 billion in funding puts more than 70,000 child care centers at risk, and with it, the livelihoods of millions of families.
Our discussion doesn't end there. We're throwing light on solutions and actions we can take, as individuals, communities, and policymakers. This issue isn't just a challenge—it's an opportunity for collective action. So, let's stay informed, share these insights with our communities, and actively participate in advocating for a sustainable solution to the "Childcare Cliff."
If you enjoyed the episode share it with a friend and don't forget to leave us a review. If you are ready to take your career to the next level, apply to join our community of professional women, all eager to help you get there and stay there. Check out our VEST Membership and apply today! www.VESTHer.co
Hello and welcome to the Vest podcast, where we explore the invisible barriers holding women back in the workplace and share stories of women building power collectively. I'm your host, gabby, and today we're diving headfirst into a matter that could have profound consequences for women, families and the workforce as a whole the Looming Childcare Cliff. The pandemic took a significant toll on child care systems across the United States. To cushion this impact, the government provided more than $52 billion in funding to help keep child care providers in business and ensure that low income families could still access care. But here's the catch $37 billion of that financial lifeline has expired. As a result, more than 70,000 child care centers are at risk of closing their doors permanently. This dire situation threatens not only the stability of millions of American families, but also the remarkable workforce gains women have made in recent years. Let's put this into perspective.
Speaker 1:Before the pandemic, the child care sector was already experiencing challenges, with many centers operating on thin margins. Now it's facing a crisis. The child care cliff threatens to undo the historic gains women have made in the workforce. Over the past several years, we saw a mass exodus of women from the labor force because of the disproportionate effect the pandemic had on them, the slow but steady progress they've made could be jeopardized. Before the pandemic, the child care sector was already under immense strain, with many centers barely breaking even due to the high cost of providing quality care. Now, with the $24 billion funding gap, more than 70,000 child care centers are facing the risk of permanent closure. To put this into perspective, these centers collectively serve millions of families across the nation. If they are forced to close, it's estimated that over 3 million children will lose their spots. The closure of these centers not only disrupts early childhood education, but also creates a domino effect in the workforce. Parents, and primarily mothers, who rely on these centers to balance work and family life, are faced with impossible choices. What's crucial to recognize is that the labor force in the child care sector is primarily composed of women, who are not only the caregivers, but often the sole breadwinners for their families. Women who are still fighting an uphill battle from the workforce exodus in 2020 will be, yet again disproportionately affected by the child care cliff. Many may be forced to reduce their working hours or exit the workforce entirely.
Speaker 1:We're talking about millions of mothers, fathers and children caught in the crosshairs of this crisis. For many working parents, child care is a luxury. It's a lifeline that allows them to maintain their careers and provide for their families. The exploration of this funding creates a cliff that many families are on the brink of falling off. It's also worth noting that, even before the pandemic, many regions across the country were already facing the challenge of child care deserts. These are areas where the demand for quality child care significantly exceeds the available supply. The child care cliff could further exacerbate these child care deserts, making it even more difficult for families to access essential child care services.
Speaker 1:And it's not just about families. It's about the broader workforce and the economic health of the nation. When women are forced to step back from their careers, it leads to a loss of talent, experience and productivity in the workplace. Additionally, the wider economy suffers when millions of potential workers face employment disruptions. This is not just a personal dilemma. It's a societal and economic challenge.
Speaker 1:The ripple effect of this child care crisis on women in the workforce will be substantial when child care centers close. It forces parents, primarily mothers, to make difficult choices. Some may have to reduce their working hours, while others may have no choice but to leave the workforce altogether. The looming child care cliff poses a significant threat to the hard-fought progress in narrowing the gender wage gap. When mothers are forced to reduce their working hours or exit the workforce to provide child care, it not only results in reduced income for their families, but also contributes to a wider gap in earnings between men and women. The wage gap which women have been steadily closing could see a concerning reversal. Another profound consequence of the child care crisis is the potential disruption in the path to leadership positions for women. When childcare challenges force women to reconsider their careers, this perpetuates existing gender disparities and leadership positions across various industries. For mothers who temporarily leave the workforce due to the lack of accessible and affordable childcare, re-entering the workforce can be a challenge. Gaps in employment history can make job searches and interviews more challenging, as the motherhood penalty is severe. Additionally, career opportunities may be limited and women may find themselves on less favorable career trajectories than their male counterparts. This setback leads to a longer-term impact on their financial stability and retirement savings.
Speaker 1:It's essential to recognize that the childcare cliff isn't just a women's issue. This is a business and economic issue. When women are forced to leave the workforce, businesses miss out on a wealth of talent and experience. The broader economy faces decreased productivity and spending power. Society as a whole suffers when women can't fully contribute and children miss out on critical early education and development.
Speaker 1:The ripple effects of the childcare cliff are multifaceted and far-reaching. They impact not only the individual women and their families, but also the progress of women in the workforce, the potential for gender parity and the overall economic well-being of our society. Addressing this crisis requires a collective effort to support women and families and to advocate for meaningful policy changes that prioritize accessible and affordable childcare. The childcare cliff will result once again in working families being forced out of the workforce because it's simply too difficult and costly to navigate our broken care infrastructure. We can't afford to continue undervaluing caregiving and the lack of adequate support systems. This constant divestment in infrastructure disproportionately affects women because historically, women have shouldered the majority of caregiving responsibilities. This unequal distribution of work has been a significant impediment for women achieving economic mobility.
Speaker 1:The childcare cliff is an urgent and complex issue, but here's what you can do Advocate for policy, support, encourage and participate in grassroots movements, petitions and discussions to push for a sustainable solution. One such organization is Moms First. Moms First is mobilizing resources to make sure that everyone on Capitol Hill feels the urgency that parents and childcare providers are feeling across the US. Support local initiatives. You can also talk to your local chambers. Economic development and workforce development organizations Sound the alarm and demand for more public, private solutions for the care infrastructure. Employers were also counting on you.
Speaker 1:Consider flexible work arrangements to accommodate working parents. This might include options like flexible hours, remote work or compressed work weeks. A supportive workplace that recognizes these challenges and provides mental health resources can be vital. This is one of the main reasons we launched Vestour Ventures, a firm investing in women-led companies building solutions that support working families and caregivers both at work and at home. We're actively investing in solutions that have the potential to scale. Be sure to check out the show notes for links to all of the organizations and resources mentioned in this episode. The childcare cliff is not just a problem. It's an opportunity for collective action. By engaging in these steps and advocating for vital policy changes, we can ensure that working parents are not forced to choose between their careers and their children's well-being. If you enjoyed this episode, share it with a friend and don't forget to leave us a review. If you're ready to level up at work or need a support community, consider becoming a Vest member. Go to wwwvestherco.