The childcare challenge has been one of the largest barriers to women moving into senior-level management positions and advancing their careers—an issue affecting 129 million women around the world. A recent study examining the economic impacts of the nation’s childcare crisis found that there is an annual economic cost of $57billion in lost earnings, productivity and revenue.
Recursion Pharmaceuticals is addressing this problem. Citing childcare as one of the greatest barriers to achieving equity in the workplace, Recursion recently opened a childcare center adjacent from its Salt Lake City headquarters. The company hopes that other employers will become part of the solution as well, particularly in Utah where 77% of all residents live in a childcare desert.
The option for employer-sponsored childcare such as Recursion’s is empowering for many in the workforce. Mothers are significantly more likely to be employed if their family has a viable childcare option. In fact, about one in five working parents, including 23% of working moms and 15% of working dads, say they have turned down a promotion because they were balancing work and parenting responsibilities.
For companies like Recursion, which is actively engaged in recruiting more women into STEM careers, making quality childcare more accessible just makes sense. Childcare access is also an early opportunity to cultivate academic advancement and socio-emotional skills for children.