Public Policy Roundtable: Supporting Families. Building Business.
Sponsored by Verizon.
The Tampa Bay Chamber's latest Public Policy Roundtable provided an eye-opening look at the urgent childcare and early childhood education issues impacting Florida's workforce and economy.
Makayla Buchanan of the Florida Chamber of Commerce Foundation highlighted key topline statistics from the Untapped Potential in FL report showing the staggering costs and consequences of the childcare crisis:
- Daycare costs have risen 4.4% in the past year
- Childcare issues result in an estimated $5.38 billion annual loss for Florida's economy
- Florida misses out on $911 million in tax revenue annually due to the childcare crisis
- 15% of parents left a job in the past 6 months because of childcare challenges
- Childcare is the #1 reason why parents are leaving jobs
- 50% of 3rd graders in Florida don't read at grade level, creating future workforce challenges
The panel discussion emphasized how family-friendly policies can help fill open job slots, increase talent pools, and facilitate re-education and upskilling of the workforce. A key legislative win this year was $5 million in childcare tax credits for businesses to implement childcare options for employees. However, Representative Koster, one of our panelists, stated that there is still work to be done. She urged the business community to actively advocate for more funding, stating "I cannot do this alone, the other 119 members need your help to pass these issues."
Dr. Hicks from the Early Learning Coalition of Hillsborough County highlighted their efforts investing in parents' financial literacy, exposing children to enriching experiences, and ensuring every child in Hillsborough County can eventually work and be self-sufficient in Florida. He repeatedly called on businesses to "spend the $5 million" in tax credits to demonstrate the need for renewal.
Madeleine Thakur of Children’s Movement of Florida highlighted the Bosses for Babies program with the goal of getting all children kindergarten-ready by 2030 and encouraged employers to utilize the tax credits, evaluate internal family-friendly policies, and support early learning centers. This past December, the Children’s Movement of Florida launched the Guide to Family-Friendly Workplaces in Florida as an easy tool for employers looking to enhance their policies or employees wanting to make the case for changes internally.
Ms. Thakur also shared that last year Gov. DeSantis signed legislation that gave insurance companies the option to offer family leave insurance policies. These specialized policies provide partial wage replacement for employees who need to take time off work for qualified family reasons. This is a resource that has yet to be fully utilized and there is currently just one insurer offering this type of policy in Florida, Sun Life Financial.
The panelists collectively emphasized the high cost of early education exceeding that of higher education in Florida. They urged employers to support working parents, advocate for family policies, and give back to early learning initiatives. The panelists also offered to assist the business community in determining how to leverage the new tax credits.
The event showcased the Tampa Bay Chamber's commitment to being a catalyst for solutions on crucial workforce issues impacting the region's growth and prosperity.
