SilverBills joins Time’s Up ‘Care Economy Business Council’
Today, SilverBills joins TIME’S UP Care Economy Business Council, a coalition of nearly 200 businesses across industries with a powerful mission: reimagine our nation’s caregiving infrastructure so that we can get people back to work and build a stronger, more resilient economy for all of us.
SilverBills Founder, CEO and General Counsel, Marci Lobel- Esrig, was inspired to start SilverBills after learning about the $1B elder financial exploitation crisis in the U.S. plaguing older adults who choose to age in place at home. The SilverBills platform empowers individuals and caregivers to spend their time on activities that enrich overall quality of life without worrying about managing bill payments.
The coalition – which includes Fortune 500 companies, small businesses, investors, and entrepreneurs – is committed to looking inward to improve workplace practices and cultural norms to better support workers who are caregivers, while using their collective voice to build support for robust investments in the care economy.
“Care is a societal issue requiring a societal solution,” said Care.com CEO Tim Allen. “We have the opportunity not only to rebuild our nation’s care infrastructure but to reimagine what that looks like. Monolithic solutions built for a 9-5 era must be replaced with flexible care options accessible to all regardless of where, when or how a family lives and works. More than $11 trillion dollars of unpaid care work is done annually, primarily by women and women of color, and the lack of care solutions is driving them from the workforce. To stem that tide and fuel female workforce participation, the government and business communities must work together to drive the change we need.”
Caregivers make up the backbone of our economy, yet our workplaces are not built to support that: one third of all U.S. employees have left a job during their career in order to manage an unmet caregiving responsibility and nearly 50% of companies reported lack of childcare as an impediment to hiring or calling back workers during the pandemic.
“TIME’S UP is absolutely spot on in their assessment that there’s a caregiving burden on women – and especially on women of color – in America,” said Soul Popped Gourmet Popcorn, Inc. Founder De J. Lozada. “It’s real and beyond time for it to be exposed and lifted. As a small business owner and caregiver, the important work TIME’S UP is leading will hopefully create the space for everyone to feel empowered to help shoulder the responsibility of care for our loved ones and for those needing care in a professional setting.”
The caregiving crisis has clear ramifications for the business community: when employees do not get the support they need for their caregiving responsibilities, employers pay the hidden costs – including turnover, rehiring, and absenteeism. And these costs have economic ramifications across our economy.
The benefits of caregiving and paid leave policies far outweigh the costs: workers are more motivated, more productive, and have higher morale. According to a recent TIME’S UP report, a $77.5 billion annual investment over 10 years would translate into 22.5 million new jobs and $220 billion in new economic activity.
Beyond their own companies, coalition members are committed to working with advocacy partners to push for key public policy interventions. The Council seeks government action to ensure that all workers have access to a baseline of federally-funded family and medical leave as well as safe, quality, affordable child care and elder care; and that the caregiving profession is elevated to ensure dignified work and living wages.
For more information please visit: timesupnow.org/care-economy-business-council