In the rapidly evolving landscape of our new economy, family-friendly work policies have become essential for vibrant families and successful businesses. As more households require dual incomes and strive for work-life balance, these policies address the needs of employees with families, plus foster a positive and supportive work environment.
Utah is known as a state where family remains a priority through our civic, community and religious associations; however, many do not know that Utah is also considered a child care desert. Research shows that 77% of Utahns live without child care due to limited proximity to services or the inability to afford care. Another shocking statistic is that the opportunity cost for a young worker making an average salary of $50,000 and choosing to take three years away to care for a child equates to more than half a million dollars over their career. These statistics are staggering. When you total our overall lost output, child care issues result in an estimated $1.36 billion loss annually for Utah’s economy. The good news is that this can change, and business leaders can benefit, too.
Organizations that prioritize family-friendly work policies enjoy increased employee retention and attraction. Employees who feel supported and valued in managing their familial responsibilities are more likely to remain committed to their jobs. Moreover, family-friendly policies serve as an essential differentiator for job seekers, attracting highly skilled professionals who prioritize work-life balance and family-supportive work environments. In addition, research shows that for every dollar invested in child care, there can be up to a $9 return.
When companies implement family-friendly policies, individuals, especially parents, can remain active participants in the labor force. Removing barriers that may prevent them from working, such as rigid schedules or insufficient time for child care, actually encourages more of the population to engage in productive employment. This expanded workforce would help alleviate our workforce challenges and lead to increased productivity and output.
Companies that offer family-friendly work policies also have a competitive advantage in attracting and retaining top talent. By providing support systems, such as on-site daycare or flexible schedules, businesses can retain valuable employees and reduce turnover. This stability in the workforce improves productivity, minimizes recruitment costs and fosters a positive work environment.
By fostering a culture that prioritizes work-life balance, companies can enhance morale and ensure employees are mentally and emotionally present at work. For example, women who feel supported in their professional journeys are more likely to remain in the workforce, pursue leadership positions and contribute their skills and expertise to the economy. This increased gender equality leads to a more diverse and inclusive workforce, fostering innovation and economic growth.
We know most child care decisions come down to one factor: affordability. When parents cannot afford the market rate, many turn to alternative arrangements, which include dropping out of the workforce.
Now is the time to change this for the good of our children and our state. But we need society to recognize the importance of family-friendly work policies and work together to implement proactive improvement.
Earlier this year, the Salt Lake Chamber’s social nonprofit, Utah Community Builders, and its partners, released a new resource guide that provides business leaders with the resources and knowledge to implement family-friendly policies in their organization.
As businesses and policymakers recognize the importance of family-friendly policies, not only will our workforce benefit, so will our economy. Utahns can lead the way and take active steps to address our child care challenges and elevate our corporate cultures.
Derek Miller
Derek Miller is the president and CEO of the Salt Lake Chamber.
