Time is a precious resource. Nobody ever really feels they never have enough.
And for those juggling a career and caring for aging loved ones, the time crunch causes even more stress and burnout.
It’s not just a few colleagues, either. In fact, over 6 in 10 (61%) of U.S. employees balance work with caregiving responsibilities for adults and elderly family members. That doesn’t include childcare.
Are you one of those six? Think about the people at work. Who do you know who is part of the hidden caregiving crisis that profoundly impacts their work-life balance?
Two Overlooked Crises About Aging and Care Needs
Employers often miss the broader impact caregiving has on the workforce, particularly the two major crises related to the aging population and care for people with disabilities:
- Care in a Non-Medical Environment (The Home): Most caregiving occurs outside traditional healthcare settings, primarily in the home. Family members, who are also employees, often step in to fill the care gap left by an overstretched healthcare system.
- This non-medical care is unpaid and can span years, with employees providing an average of 25+ hours of care per week. Without proper support, they end up sacrificing their well-being and productivity at work.
- Unaddressed Redeployment of Employees as “Informal Caregivers”: The second crisis is the gradual and unaddressed shift where employees are forced out of their paid jobs to become full-time informal caregivers. This redeployment is largely invisible but has profound consequences for both employees and employers.
- The longer employees are left to manage these responsibilities alone, the more likely they are to reduce their hours or leave the workforce entirely, costing companies $11,000 per caregiver in productivity losses each year.
By failing to address these crises, businesses allow caregiving responsibilities to drain their employees’ time, energy, and focus, resulting in absenteeism, presenteeism, and, ultimately, high turnover.
The Power of Supporting the Whole Person
Caregiving for an elderly parent or an adult with special needs is a growing challenge for today’s workforce. Absenteeism and presenteeism related to caregiving responsibilities (excluding childcare) cost U.S. businesses $38.2 billion annually.
With care for aging adults averaging 5 1/2 years, the effects are felt across every sector of the workforce.
Employers must address this gap by supporting employees beyond the traditional childcare benefits.
The Caring Place HUB provides employees with access to tools and resources to help them manage caregiving responsibilities for aging adults, freeing them from the overwhelming time constraints, stress, and financial drain that caregiving often creates.
By recognizing this hidden burden, businesses increase the attraction and retention of a motivated, high-performing team.
Return on Value: Invest in Your Employees, Boost Your ROI
Let’s start a movement where employers become champions of their employees’ well-being, especially the often unrecognized 61% who are adult caregivers.
Every investment in your workforce translates to greater loyalty, productivity, and job satisfaction. And here’s the real kicker—your CFO will be shocked at the corporate ROI.
- Companies with caregiving support programs see reduced absenteeism, lower turnover, and boosted productivity.
- Studies have shown that businesses offering holistic employee support solutions see a 50% reduction in turnover when flexibility and support are offered to caregiving employees.
- For caregivers, the $11,000 per year per employee in lost productivity due to caregiving challenges could be avoided with comprehensive support.
When your employees feel truly supported, especially those caring for aging or disabled adults, the ripple effect on your bottom line is undeniable. With the Caring Place HUB, businesses have a turnkey solution for providing employees with the tools they need to balance work, life, and care.
Explore Progressive Solutions Today!
Gift employees more time!
This isn’t just wishful thinking. It’s an achievable goal with the right tools in place.
CareWise Solutions leads the way with innovative, employee-centered benefits through the Caring Place HUB and MyLife Concierge.
Now is the time to act. Join the forward-thinking companies redefining what it means to care for their employees.
Explore the Caring Place HUB and discover how CareWise Solutions can help you create a workplace that not only attracts top talent but keeps them motivated and performing at their best.
Let’s talk about how you can give your employees the gift of time—and create a thriving, high-performing workforce in the process.
Ready to take the next step? Reach out to us today to see how we can tailor these solutions to fit your company’s unique needs.
Sources:
- AARP & National Alliance for Caregiving, “Caregiving in the U.S.,” 2020.
- Harvard Business School, “The Caring Company: How Employers Can Help Employees Manage Their Caregiving Responsibilities,” 2019.
