Recap from the Childcare Innovation Summit 2024
Amy Foell, Workforce Development Consultant for the San Gabriel Valley Economic Partnership, attended the inaugural Childcare Innovation Summit in Washington D.C. at the U.S. Chamber of Commerce, Thursday June 27th. Inadequate and costly childcare is a significant barrier to worker recruitment and retention. In many instances, the cost of infant and toddler care surpasses that of rent or a mortgage. U.S. Secretary of Commerce Gina Raimondo highlighted that the childcare shortage costs U.S. employers $23 billion annually in reduced productivity and employee retention.
Nationwide solutions, including public-private partnerships and State and Federal investments, are underway. Companies like UPS and Etsy have already seen returns on their investments in childcare. In Indiana, Governor Eric Holcomb initiated a $25 million pilot program, distributing grants for employer-provided childcare through the Indiana State Chamber of Commerce. Over the next decade, offering employer-sponsored childcare (and eldercare) could become as common as providing a 401K, potentially bringing millions of people back into the workforce. |
