How do you get businesses to realise that prioritising early childhood is a business imperative?
This piece was written by Sarah Hesz, Associate Director at the Royal Foundation Centre for Early Childhood
The first stage is to set out the business case.
Last year HRH The Princess of Wales launched her Business Taskforce to transform the way in which society prioritises and supports children and the ecosystems around them in their earliest years.
Last week, the Business Taskforce, comprised of eight leading UK businesses (Unilever, Iceland, Deloitte, The Lego Group, Unilever UK, Aviva, Ikea, NatWest), clearly set out that early childhood is a business matter. In a report authored by Deloitte, the case is made that, by prioritising early childhood, businesses can contribute £45.5billion annually to the UK economy.
That benefit would be shared across society. More than £27bn in additional earnings for the workforce – individuals earning more; nearly £12bn in additional profits for businesses, and approximately £6bn in additional tax revenue for the Government. A win-win for the economy and society.
That figure has been calculated based on three measures:
Equipping people with improved social and emotional skills in early childhood makes up approximately £12.bn.
Reducing the need to spend public funds on remedial steps for adverse childhood experiences accounts for just over £16bn.
Supporting parents and caregivers of under-fives who work is just over £17bn.
The report goes on to identify the five areas where businesses can have the most impact. These all represent opportunities for businesses to act:
Transform the culture - build a culture that prioritises early childhood within businesses, local communities and wider society.
Secure the necessities - help families facing the greatest challenges to access the basic support and essentials they need.
Support working parents and caregivers - offer parents and carers greater support, resources, choice and flexibility with their work.
Strengthen social and emotional skills - prioritise and nurture social and emotional skills in young children and the adults in their lives.
Improve early education and care - support initiatives which increase access to quality, affordable and reliable early childhood education and care.
As employers, as providers of goods and services and as members of the communities in which they operate; these provide great platforms from which they can take action. Individual businesses need to decide what changes are most relevant, value-adding, and cost-effective for their unique context and how they are best placed to contribute towards positive change in early childhood.
The businesses within the taskforce are leading the way with a range of initiatives: from The Lego Group’s development of kit and training for nurseries, the Co-op are partnering with baby banks and Iceland has created an in-store environment to support young families. Crucially, this is the start of a movement that every business can join.
In an agenda as diverse and far reaching as early childhood, every action counts; if every business, large or small, can do one thing, we will contribute to a wider societal shift that will have a transformative impact on the lives of UK children.
To read the full report and find out how to get involved go to: https://thebusinesscase.centreforearlychildhood.org/
