As part of International Women's Day 2023, the British Chambers of Commerce published the results of a survey, which shows that tackling soaring childcare costs would positively impact the UK economy, writes Sarah Waddington CBE.
Of the 4000 female respondents, 67% felt their career had been hampered by childcare duties and 90% believe additional support should be available.
Shevaun Haviland, Director General of the BCC, said: “Tackling these issues is integral not only to the wellbeing of our women and workplaces, it is crucial to the functioning of any strong economy.”
The study reinforces the PWC report also published in March, which shows that British women are being priced out of the workforce by childcare costs and that the ‘motherhood penalty’ has become the biggest driver of the gender pay gap.
However, there is one big omission; the voices of fathers, many of whom have strong views on the societal and workplace structures that impact both household earnings and career opportunities – and who recognise that their partners are disproportionately shouldering the burden.
And, although in much smaller numbers, there are also the men who have full childcare responsibilities themselves and feel like their experiences and opinions are being ignored.
As a lone parent, Steve Jackson from Northumberland, said: “As an entirely solo, male parent I am so tired of reading about childcare as a women’s issue. We need to get away from that entire mindset. Women shouldn’t be the default carers and men who do childcare shouldn’t be overlooked.”
It’s rare that men’s voices are marginalised, but they are frequently in this context, despite the desperate need for allyship and a united front.
A business issue, not a women’s one
Let’s not forget that childcare is not a women’s issue, but a business one.
Neither should women have to ‘shout louder’ and be better advocates for gender parity when they’re the ones being oppressed by the system. (Same goes for racial inequality).
That job lies with those in power and the policy makers who have all the data at their fingertips to make affordable childcare a ‘no brainer’ decision and who should be focused on equity for all.
And it lies with boards and management teams who can make better decisions about who they hire, the career opportunities they provide and the support they provide as life circumstances change.
Directors, particularly in private firms, have a unique opportunity to provide a voice for those without one and to give agency to those currently without power and influence in the workplace.
The UK economy needs women
The cost to the economy of losing women from the workplace following childbirth has been well documented.
According to the Centre for Progressive Policy, boosting mothers’ employment and earnings through accessible childcare would increase their earnings by between £7.6bn and £10.9bn per annum and generate up to 28.2bn in economic output per year.
In July 2021, the Financial Reporting Council, in partnership with the London Business School Leadership Institute and SQW published Board Diversity and Effectiveness in FTSE 350 companies. This looked at the impact of board diversity post the Davies and Hampton-Alexander reviews.
The results were stark:
“Higher levels of gender diversity of FTSE 350 boards positively correlate with better future financial performance (as measured by EBITDA margin).
“Likewise, FTSE 350 boards with well managed gender diversity contribute to higher stock returns, and are less likely to experience shareholder dissent.”
Wherever you look, the data tells the story. Better business outcomes are achieved when women are able to achieve and sustain well paid work, and have access to senior positions in organisations that enable and reward the different skillsets and perspectives they can bring.
The high cost of childcare down is something the UK economy can ill afford, on multiple fronts and everyone’s voice should be heard until this changes.