Catherine's Corner

Women make up 61% of careworkers, but their work is often underrecognised. This Women’s History Month, Gobi Partners wants to highlight the caregiving industry, an essential part of its focus on social responsibility.

The need for caregivers is increasingly urgent.

The World Economic Forum found that by 2030, the number of people aged 60 and above will increase by 40% and double by 2050. This widens the existing care access gap even further.

But the industry faces several critical challenges, including attracting and retaining workers. In a survey of caregivers across the Asia-Pacific, the Boston Consulting Group found that 42% would consider leaving their jobs because of pay, while 23% cited lack of career advancement pathways. This means more equitable compensation and career building opportunities are vital to the future of formal caregiving.

Solving problems in the care industry doesn’t just help families. It creates opportunity for economic growth across the world. A study by the International Trade Union Confederation found that investing 2% of GDP in care industries could create nearly 22 million jobs across seven OECD countries.

Increasing the well-being of women healthcare workers also builds stronger societies. The World Health Organization identified supporting women workers as an important part of creating healthcare system resilience and economic prosperity.

Here are three startups from Gobi’s portfolio that are helping to rethink the narrative around caregiving and position it as a growing economic opportunity by supporting its workforce.

Care Concierge focuses on senior living solutions, ranging from hourly home care to long-term residential care. One of Care Concierge’s most important verticals is Care Concierge Academy, which offers training programs and certifications. This helps build the pool of professional caregivers while giving workers more opportunities for career growth.

While caregiving is an example of an industry that cannot be replaced by AI, the technology can help make work more efficient for providers. PanopticAI’s contactless health monitoring software is used to take vital signs such as heart rate, blood pressure, oxygen saturation, and heart rate variability in thirty seconds. It was deployed as part of a pilot scheme in elderly homes, enabling staff to create health profiles for residents and better plan their care.

Like Care Concierge, Malaysia’s Kiddocare provides training and certification to childcare providers on the platform, giving them opportunities to grow their skills. This emphasis on training enables caregivers to further their careers while giving peace of mind to parents. As of March 2024, Kiddocare had helped 13,215 women build careers as professional babysitters, helping them earn a collective US$2.2 million, demonstrating the economic impact of empowering caregivers.

Source Link Gobi Partners