Policy Institute Announces Business Workforce Calculator, Quantifying Economic Impact of Child Care Crisis on Louisiana Businesses
NEW ORLEANS (April 26, 2022) – Today, the Louisiana Policy Institute for Children (LPIC), in partnership with the Louisiana Association of Business and Industry (LABI), United Way of Southeast Louisiana and the Louisiana Early Childhood Business Roundtable, announced the launch of the Business Workforce Calculator, an interactive tool to help businesses quantify the financial impact of child care instability on their organization.
“We were the first state in the country to study the impact of child care instability on Louisiana’s families, employers and the economy. We found that child care breakdowns cost Louisiana businesses $762 million annually and the economy $1.3 billion per year,” said Candace Weber, MBA., partnerships director of LPIC. “Now, Louisiana businesses and organizations can use this tool to see the financial impact this crisis has on their individual bottom line.”
The Business Workforce Calculator is free and accessible to all Louisiana businesses and only needs them to input the total employees in their organization, total employees with children under the age of six, and total annual wages and salaries. Once populated, the tool populates the total annual financial loss caused by child care issues which is further broken down by lost wages due to parent absences, indirect and direct losses to business, and the replacement cost for employees who quit due to lack of child care.
In February, Entergy Louisiana President and CEO, Phillip May joined LPIC to share a demonstration of the Business Workforce Calculator, using real data provided by Entergy Louisiana. Today, the Policy Institute was joined by partners LABI, United Way of Southeast Louisiana and the Louisiana Early Childhood Business Roundtable for a hybrid press conference to officially launch the calculator.
“There’s no doubt that quality childcare options are essential for both American workers and their employers,” said LABI President and CEO Stephen Waguespack. “With this initiative from the Policy Institute, Main Street will have tangible data on how childcare instability affects their business, and how they can adjust to serve both their needs and the needs of their employees.”
According to a recent report from LPIC, over half of Louisiana’s parents had to adjust their work or school schedule to provide child care in 2021. That same report also found that parents with a family income below $20,000 per year were twice as likely to have to quit their job to care for their children.
“By showcasing the financial impact of child care instability, the Business Workforce Calculator provides businesses an avenue for deeper conversations on how to support their employees and retain talent,” said Charmaine Caccioppi, Vice President and Chief Operating Officer, at United Way of Southeast Louisiana. “This information can also inspire businesses and organizations to have conversations with their policymakers about the very real costs of child care instability and the need for change on a local, state, and federal level.”
The Business Workforce Calculator is accessible via LPIC’s website at https://policyinstitutela.org/resources/business-economic-impact-calculator/.
To learn more about early care and education in Louisiana, please visit policyinsttitutela.org and follow the Louisiana Policy Institute for Children on Facebook, Twitter and Instagram.
Editor’s Note: Please contact email@example.com to request a demonstration of the Business Workforce Calculator.
About Louisiana Policy Institute for Children: Louisiana Policy Institute for Children is a 501(c)(3) nonpartisan, nonprofit organization dedicated to ensuring that Louisiana’s young children, from birth to age four, are best prepared for success in school and in life. The Policy Institute develops policy proposals informed by data, research, best practices and the experiences of other states to improve the outcomes of Louisiana’s youngest citizens, and further provides educational and outreach activities based on recommended policy solutions. The organization works to ensure children are safe, healthy and have the opportunity to reach their full potential. For more information, visit www.policyinstitutela.org and follow the Louisiana Policy Institute for Children on Facebook, Twitter and Instagram.