![]() Importantly, we have additionally estimated the value of unpaid caregiving, including that done by employed caregivers outside their formal jobs and by unpaid caregivers such as stay-at-home parents.įirst, the US must hire more workers in paid-care jobs in child, adult, and medical (especially chronic) care. For instance, the bureau forecasts that the economy will add more than 1 million home health worker positions by 2030, compared with fewer than 50,000 incremental doctors. While this includes acute-care doctors and other medical professionals, most current and future health-related jobs are for lower-wage, chronic-care occupations. The sector includes childcare workers, nurses, home health aides, orderlies, teachers, and so on. To size the care economy, we refer to the US Bureau of Labor Statistics, which includes education, health care, and social assistance in its “education and health care services supersector.” We focus on the segments that involve support for children and primarily elderly adults. Many of them also rely on paid-care workers for their own family members. Many care workers are also employed caregivers with unpaid-care responsibilities. Individuals who provide care as their occupation. A subset of the first group, workers in the broader economy who also have unpaid-care responsibilities, for children, adult family members, or both. Anyone with unpaid-care responsibilities for children, adult family members, or both, whether they themselves are employed. There are three main types of caregivers in this economy: The care economy is composed of both unpaid and paid caregiving in our society. (See “Overview of the Care Economy.”) Within the care economy, two related and somewhat hidden issues are crucial to the long-term health of the US labor market. This will require, among other solutions, reskilling for the jobs of tomorrow, harnessing immigration as a source of talent and innovation, and rethinking retirement.Īnother vital antidote to the labor shortage is fixing the care economy, made up of people who provide paid and unpaid care. To address this shortage, US policymakers and employers must act decisively to recruit new workers from the nearly 50 million adults younger than age 65 who don’t hold jobs and to keep current workers working. Even as the country approaches a return to prepandemic levels of employment and workforce participation, it faces historic job vacancies: there are 5 million more open jobs than people in the workforce. Ongoing labor and talent shortages threaten US economic leadership and future growth. Their stories also foretell a looming crisis across the economy. More broadly, their stories exemplify the struggles both paid-care workers (like Carina) and workers with care responsibilities outside their jobs (like Sarah) face. Unable to find a new nanny in a tight childcare market, Sarah downshifted her promising career running a small health care business to work part-time while her mother watched her children several days per week.Ĭarina and Sarah each made rational choices that served the best interest of their families. When Carina gave notice, her employer, Sarah, found herself in a similar bind. Workers desperately need help taking care of their children and (increasingly) their parents.Ĭarina, a 51-year-old nanny in a midwestern suburb, was forced into early retirement in spring 2022 to care for her adult daughter, who had fallen ill. The CEO’s Dilemma: Business Resilience in a Time of Uncertainty.Technology, Media, and Telecommunications. ![]()
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