Companies enhance benefits to help employees balance their work and caregiving demands
Publishing timestamp: 2023-03-09 11:01:33
Summary
The US is facing a shortage of workers and child care, which is leading to a decline in women's participation in the workforce. The lack of affordable care options is affecting the labor force, with 1.2 million fewer women showing up in workforce data since the pandemic started. The US Department of Commerce is encouraging the semiconductor industry to offer more affordable care options for workers to increase women's participation in the workforce. Companies are dealing with both a shortage of workers and child care, with a recent study finding that difficulty finding care for infants and toddlers costs $122 billion in lost earnings, productivity, and revenue each year. The US could lose about $290 billion in GDP in 2030 and beyond if the number of paid caregivers doesn't increase and employees leave the workforce for care duties. Companies are working to address the different needs of their workforce by adding new flexibility and care benefits, such as 24/7 access to care specialists, referrals to screened caregivers, and subsidies for backup care. The US Department of Commerce is encouraging the semiconductor industry to offer more affordable care options for workers to increase women's participation in the labor force.
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Keywords: onemain holdings inc, gender issues, united states, children, child care, child care costs, business news, employee benefits, personal finance, gina raimondo, u.s. department of commerce,