Even in workplaces that offer flexibility, women have reported penalties for taking advantage of the options, such as loss of responsibility or longer hours than promised. For many, taking time off work or even working part time to care for kids is the equivalent of checking out or taking a vacation. Flexible work hours will work only if that atttiude changes, Englander said. "To the extent that employers can, they should institutionalize a certain limited amount of flexibility or leave and not penalize it," she said.

Once back in the office full time, working moms face various stereotypes. Research has found that moms get competency ratings 10 percent lower than other women. These perceptions affect earnings.

"Employers have a bias that mothers are going to do worse, so they don't promote them or pay them as much," said England. Moms are also less likely to be considered for jobs. In one study, researchers sent out résumés to employers in which the only difference among the candidates was a line about being a member of the parent-teacher association. Mothers got called back half as often as fathers.

To the contrary, studies have found that moms are more productive workers. The thought-leadership industrial complex has even called having kids a "productivity hack."

The marketplace, at least for women, doesn't reward it that way.

This article was provided by Bloomberg News.

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