Child care is a two-generation issue: Gaps in quality and access affect not only the education that children receive but also their parents’ ability to go to work.
The high cost and other child care factors can keep parents, especially women, from joining or rejoining the workforce. In fact, 28% to 40% of parents surveyed for the U.S. Chamber of Commerce Foundation’s 2021 Untapped Potential research said they, or someone in their household, did not take a job or had to change jobs due to issues with finding suitable child care.
In turn, the data indicates, businesses’ ability to recruit and retain qualified workers is diminished.
Status quo means states lose $2.7B
We cannot continue with the status quo, because when child care breaks down, everyone suffers. The Chamber Foundation research found that states lose an average of $2.7 billion annually due to gaps in child care. This figure includes an average of $528 million in lost tax revenue and $2 billion lost from employee turnover and absences.
The data is clear: Child care is a workforce issue.
Determine employees’ child care needs
Employers can take steps to improve child care access for employees, families and — most important — children.
First, ask employees what they need. While business owners may think they know their workforce well, there is no substitute for real conversations around employees’ experiences. It’s important to remember that no two families are the same when it comes to taking care of their children.
Create opportunities and safe spaces for communication that allow for honest feedback from employees. This is the easiest and most effective way to begin to address the challenge of child care gaps.
Build in flexibility
Often, flexibility is the biggest variable in parents’ ability to find suitable child care. Business owners can’t always directly change how accessible child care is, but they can work with their employees on adjustments, such as providing flexible hours, shifts or schedules.
Employers also can leverage the growing trend of hybrid work.
All industries and regions are feeling the ramifications as families across the country struggle to find access to quality, affordable and flexible care for their children.
Ultimately, the best solutions will come from different stakeholders working together. The business community is well-positioned to take a leadership role in their employees’ ability to access child care effectively. A proactive and collaborative solution to fixing the child care crisis in America will yield returns for the economy, parents’ quality of life and our children’s educational future.
FREDERICTON – New Brunswick‘s finance minister says the province recorded a surplus of $500.8 million for the fiscal year that ended in March.
Ernie Steeves says the amount — more than 10 times higher than the province’s original $40.3-million budget projection for the 2023-24 fiscal year — was largely the result of a strong economy and population growth.
The report of a big surplus comes as the province prepares for an election campaign, which will officially start on Thursday and end with a vote on Oct. 21.
Steeves says growth of the surplus was fed by revenue from the Harmonized Sales Tax and federal money, especially for health-care funding.
Progressive Conservative Premier Blaine Higgs has promised to reduce the HST by two percentage points to 13 per cent if the party is elected to govern next month.
Meanwhile, the province’s net debt, according to the audited consolidated financial statements, has dropped from $12.3 billion in 2022-23 to $11.8 billion in the most recent fiscal year.
Liberal critic René Legacy says having a stronger balance sheet does not eliminate issues in health care, housing and education.
This report by The Canadian Press was first published Sept. 16, 2024.
OTTAWA – Finance Minister Chrystia Freeland says the government is making some changes to mortgage rules to help more Canadians to purchase their first home.
She says the changes will come into force in December and better reflect the housing market.
The price cap for insured mortgages will be boosted for the first time since 2012, moving to $1.5 million from $1 million, to allow more people to qualify for a mortgage with less than a 20 per cent down payment.
The government will also expand its 30-year mortgage amortization to include first-time homebuyers buying any type of home, as well as anybody buying a newly built home.
On Aug. 1 eligibility for the 30-year amortization was changed to include first-time buyers purchasing a newly-built home.
Justice Minister Arif Virani is also releasing drafts for a bill of rights for renters as well as one for homebuyers, both of which the government promised five months ago.
Virani says the government intends to work with provinces to prevent practices like renovictions, where landowners evict tenants and make minimal renovations and then seek higher rents.
The government touts today’s announced measures as the “boldest mortgage reforms in decades,” and it comes after a year of criticism over high housing costs.
The Liberals have been slumping in the polls for months, including among younger adults who say not being able to afford a house is one of their key concerns.
This report by The Canadian Press was first published Sept. 16, 2024.
OTTAWA – Statistics Canada says manufacturing sales rose 1.4 per cent to $71 billion in July, helped by higher sales in the petroleum and coal and chemical product subsectors.
The increase followed a 1.7 per cent decrease in June.
The agency says sales in the petroleum and coal product subsector gained 6.7 per cent to total $8.6 billion in July as most refineries sold more, helped by higher prices and demand.
Chemical product sales rose 5.3 per cent to $5.6 billion in July, boosted by increased sales of pharmaceutical and medicine products.
Sales of wood products fell 4.8 per cent for the month to $2.9 billion, the lowest level since May 2023.
In constant dollar terms, overall manufacturing sales rose 0.9 per cent in July.
This report by The Canadian Press was first published Sept. 16, 2024.
