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Comment 1: By Jack Kennedy, UK Economist, Indeed

“With UK childcare costs among the highest in the 28-nation OECD and accounting for nearly a third (29%) of a family’s income, many parents have been forced to reduce their hours or leave work altogether; as a result the Chancellor's promise of free childcare to one and two-year-olds may be welcome news and a beacon of hope to get back to work.”

“However, policy makers also need to consider the pressures already facing the childcare industry. There are serious gaps in the childcare workforce and retaining talent has long been an issue. Data from Indeed has found that relative interest in childcare sector roles is down 16% pre-pandemic, with 27% of childcare postings classified as ‘hard to fill’ whereby postings are open for longer than 60 days. Without a long-term, viable solution to these challenges, it will be difficult for the pledge to get firing on all cylinders.”

“Solutions to this aspect of the inactivity conundrum lie in providing working parents with greater flexibility and autonomy. To encourage working parents back into the workforce, businesses and institutes should offer them the flexibility required to truly succeed in their careers while managing their childcare commitments alongside.”

Comment 2: By Jack Kennedy, UK Economist, Indeed

“The Chancellor is pinning his hopes of reviving economic growth on reducing workforce inactivity by welcoming back potential employees sitting on the sidelines. With low unemployment and more than 1.1m job vacancies, his supply side interventions targeted parents of young children, people with disabilities or health conditions and older people as potential workers who could help solve persistent staff shortages. The cost of childcare is consistently stated by parents as one of the main reasons women in particular reduce their working hours or stop working altogether. Today’s announcement could help bring an end to the disproportionate amount of women in part-time work and boost productivity.

“Despite measures to lure people back into the workforce, policy makers and employers should consider the conditions and requirements sought by would-be employees. Our research shows that over 50s had been reluctant to re-enter the workforce, showing little urgency compared to other age groups to find work. Yet, while many better-off early retirees seem less likely to return, there are signs of people who would consider returning to work under the right conditions.

“After salary, the most important factor for jobseekers is flexibility and we know that roles offering clear flexible working options attract up to 30% more applicants than those that do not. Nudging employers to be more explicit about flexible working options could add hundreds of thousands more flexible opportunities and tempt a wave of new candidates back into the workforce.”

Notes to editors:

For more information and to arrange an interview, please contact:

alex.williamson@markettiers.com

07970 226345

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