(FORTUNE Magazine) – Who should take care of America's children? The answer of past centuries -- their parents -- no longer satisfies a number of people, and the issue has suddenly approached the top of the national agenda. Congress will likely vote this fall on the Democrats' bill, endorsed by Michael Dukakis, to subsidize child care and set national standards for care providers, at an estimated first-year cost of $2.5 billion. George Bush, eager to woo female voters, recently proposed that low-income working parents receive a $1,000-a-year tax credit for child care. The debate reminds corporate managers that, like politicians, they can no longer ignore the issue. The reason is demographics: In the 1990s companies will be competing intensely for fewer entry-level workers, of which almost two-thirds will be women. Many companies already feel the shortage and recognize that child care programs attract workers. About 4,600 companies offer child care programs to employees, vs. 110 in 1978, and more are on the way. At the Heller Industrial Park in Edison, New Jersey, where tenants include Metropolitan Life, Mazda, and Conair, the park's developer, Isaac Heller, subsidizes a portion of the on-site day care facility used by employees. Parents pay the rest. In a recent survey of Business Roundtable members, the overwhelming majority of those with child care centers thought they lowered absenteeism and boosted morale. More than half the members without programs said they planned to offer some kind of assistance within two years. Regardless of what Congress does, many companies will find ample bottom line reason for offering child care. In addition to its value as a recruiting tool, child care can cut personnel costs. On average, parents miss five days of work each year because a child is sick, and those absences can cost companies $100 a day. - C.G.