The Hidden Key to Economic Success (June 4, 2015)

By Sheila Lirio Marcelo, Linkedin

Let’s try a little experiment: When you close your eyes and think of the word “care,” what comes to mind?

Love? Mom? Your kids? Your puppy?

When I close my eyes and think about care, I see opportunity. And no, not because I’m the Founder, Chairwoman and CEO of Care.com, the world’s largest community for families to find nannies, babysitters and senior care solutions.

I see opportunity because care is an economic imperative. Care, for children and adults, impacts every level of our economy. Consider that:

  • Care is a $280 billion dollar industry in the United States. That’s as large as the medical devices industry, the gambling industry … even the legal industry, and we’re a litigious society.
  • Child care is the single largest expenditure for families; more than $20,000 annually on average according to the latest statistics.
  • Family care is the #1 driver of absenteeism and lost productivity at work, costing businesses tens of billions each year.
  • If female workforce participation was equal to that of men, the GDP would increase by as much as 9 percent – that’s almost $2 trillion

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