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🔴 URGENT ATTENTION NEEDED: Childcare Crisis This Summer 🔴
It's time for a care wallet to catch the unexpected childcare cost
Colleagues, friends, and partners in the business community, we need to talk about an escalating situation that's about to affect a significant proportion of our workforce – the upcoming childcare crisis this summer. Since 2000, the cost of childcare has risen 115%, well exceeding the 74% growth in overall inflation. In 2021, the average annual cost of childcare in the US was roughly $10,600 per child, per the advocacy organization Child Care Aware.
With the cost of childcare expected to further rise drastically, many working parents are finding themselves caught in an increasingly challenging predicament.
We've seen how these issues not only impact our colleagues personally, but also reflect on the overall productivity and morale of our teams. Without accessible and affordable childcare, working parents face the impossible choice of managing their careers or ensuring their children's care.
I'm writing this post not just to raise awareness, but also to propose a solution. As businesses and corporations, we can choose to be part of the problem or part of the solution. It's time for us to take a step towards the latter.
I am urging all companies to consider adopting the MH WorkLife 'Care Wallet' for their employees this summer. This initiative would cover unexpected childcare costs, providing a financial safety net for working families. Such a supportive move could relieve a great deal of stress for our valued employees, potentially resulting in higher productivity, better morale, and a stronger sense of loyalty towards the company that truly cares for their needs.
It's not just about doing what's right for our employees; it's also about ensuring the long-term sustainability of our companies. When our employees thrive, so do we.
We must act now. This isn't just a childcare crisis; it's a workforce crisis, a family crisis, and a community crisis. Let's create a summer of support, not struggle.