Colorado’s labor force participation rate (the percentage of the population that is either working or actively looking for work) was 67.9 percent in July, compared with 62.7% nationally.
Colorado has extra reason to celebrate Workforce Development Month this year, the first where nearly all workers have access to paid Family and Medical Leave Insurance (FAMLI).
Since launching benefits in January, Colorado’s new FAMLI Division has paid more than $437 million to more than 86,000 workers so they could temporarily step away from the job to take care of themselves or a loved one.
Paid leave benefits Colorado’s workforce by helping people care for themselves and then return to work, rather than leaving the workforce because of a serious life event such as the birth of a child, a serious illness, or a military deployment.
Consider:
- Paid family and medical leave is linked to increased business productivity, higher employee morale and better recruitment and retention of skilled workers (Center on Budget Policies and Priorities, 2021).
- Paid family leave policies reduce employee turnover, contribute to performance gains and lead to an increase in female leadership in the workplace (Bennett, Erel, Stern & Wang, 2020).
- Access to paid family leave decreases the likelihood that women leave their jobs if their spouse has serious health issues (Coile, Rossin-Slater & Su, 2022).
The new FAMLI program, approved by Colorado voters in 2020, could help Colorado’s employers attract and retain the nation’s best talent.
“It was just a breath of fresh air to be able to have a service that you pay into that actually comes through,” said Marissa Poppens, a Denver woman who took FAMLI leave for a medical condition earlier this year and has returned to work managing a nonprofit.
FAMLI executives recently announced that employer and employee premiums would remain fixed at 0.45% of wages throughout 2025.
“Colorado’s workers deserve best-in-class benefits for the jobs they do, and we’re proud to say we delivered what voters asked for: an easy-to-use insurance program that makes our workforce competitive with any in the world,” said Tracy Marshall, FAMLI’s Executive Director.
The FAMLI Division, part of the Colorado Department of Labor & Employment, is just one reason 2024 is such a highlight for the State’s monthlong Workforce Development celebration. CDLE is also taking time this month to show off free tools that people can use to advance their careers, grow their businesses, and ensure their future economic prosperity.
Resources include important data on in-demand skills and growing industries, labor market trends and free training sessions and meetups on the hottest topics in business today.
To learn more and find an event that will boost your own career or business, check out our packed calendar of free events throughout Workforce Development Month.