“Employers have a fundamental role in sustaining a viable and successful business. Relying on caregiving policies that only focus on time off and being away from the job is short-sighted.
It’s time for employers to champion a new paradigm that keeps healthcare where it belongs in the healthcare industry while empowering employed family caregivers to stay in their jobs of choice and still be there for the ones they love.
This is how we turn a corporate challenge into a sustainable solution.”
Jeannette Galvanek, CEO of CareWise Solutions
What is the Collision of Health, Work and Caregiving?
70 million Baby Boomers are aging over the next few decades, and the healthcare system expects already-employed family members to take on another job called caregiving. This is your corporate profitability challenge. What are you doing to reclaim your losses and turn around the wellness, work, and care crisis affecting more than 50% of your team?
This collision leads to higher healthcare costs, reduced productivity, and increased legal risks for businesses. Employee caregivers are more prone to burnout, increasing absenteeism, presenteeism, and higher turnover rates.
When left unaddressed, these challenges will continue growing, posing an escalating threat to corporate profitability and sustainability.
Now is the time to recognize this emerging crisis.
- Gather the necessary data
- Implement innovative solutions like the Caring Place HUB
Provide education to support employees and safeguard the company’s financial health
Strategic Financial Justifications for Subscribing to the Caring Place HUB and Wellness, Work and Caregiving Navigation and Training
- Mitigating Productivity Losses: $11,000 Per Employee Caregiver Annually
- Reducing Healthcare and Disability Costs: 10% Higher for Caregivers
- Avoiding Costly Litigation: 399% Increase in Favorable Litigation for Caregiver Discrimination
- Addressing Presenteeism: The Hidden Cost
- Preventing Spillover of Caregiving Emergencies: Impact on Team Productivity
- Supporting Employee Well-Being: Long-Term Financial Sustainability
1. Mitigating Productivity Losses: $11,000 Per Employee Caregiver Annually
Fact: Research indicates that companies lose an average of $11,000 per year per employee caregiver due to lost productivity.
- Impact: In a workforce of 1,000 employees, if 15% are caregivers, this translates to a potential loss of $1.65 million annually. The Caring Place HUB helps reduce these losses by supporting employee caregivers, allowing them to manage their responsibilities more efficiently and remain productive at work.
2. Reducing Healthcare and Disability Costs: 10% Higher for Caregivers
Fact: Employee caregivers incur 10% higher healthcare and disability costs compared to non-caregivers. This is primarily due to the toll of caregiver burnout, which leads to stress-related illnesses, chronic conditions, and, ultimately, higher rates of sickness and disability.
- Impact: For a company with a $5 million healthcare budget, this equates to an additional $500,000 annually in healthcare expenses. The Caring Place HUB offers resources to alleviate caregiver burnout, improve overall health, and directly reduce the company’s healthcare and disability costs.
3. Avoiding Costly Litigation: 399% Increase in Favorable Litigation for Caregiver Discrimination
Fact: Companies have faced a 399% increase in favorable litigation against them due to caregiver discrimination claims.
- Impact: The cost of defending against and settling these claims can range from hundreds of thousands to millions of dollars. By subscribing to the Caring Place HUB, your company demonstrates proactive support for caregivers, significantly reducing the risk of such litigation and its associated costs.
4. Addressing Presenteeism: The Hidden Cost
Fact: Presenteeism—when employees are physically at work but mentally distracted—costs employers between 1.8 and 3 times more than absenteeism.
- Impact: For a company already experiencing $500,000 in absenteeism costs, presenteeism could cost an additional $900,000 to $1.5 million annually. The Caring Place HUB addresses the root causes of presenteeism by providing caregivers with the tools they need to manage their responsibilities, allowing them to fully engage in their work.
5. Preventing Spillover of Caregiving Emergencies: Impact on Team Productivity
Fact: When a caregiving emergency arises, it often creates a ripple effect, disrupting the entire team’s productivity as colleagues step in to cover for the caregiver.
- Impact: This spillover can delay projects, lower team morale, and reduce overall team effectiveness. By subscribing to the Caring Place HUB, caregivers on staff are better prepared and supported, minimizing disruptions and maintaining team productivity.
6. Supporting Employee Well-Being: Long-Term Financial Sustainability
Fact: Research shows that companies with strong well-being programs experience 21% higher profitability, 41% lower absenteeism, and 59% lower employee turnover.
- Impact: The Caring Place HUB is a cornerstone of a comprehensive well-being strategy, ensuring that your employees are supported, engaged, and loyal, directly contributing to the company’s long-term financial health.
- Lower Recruitment Costs: The high cost of turnover—whether for lower-wage workers or senior leaders—can cripple a company’s finances. Reducing turnover with caregiving support lowers recruitment and training costs, improving overall profitability.
DOWNLOAD THE CAREWISE SOLUTIONS OVERVIEW
Eye-Opening Savings Example
Potential Savings from Investing in the Caring Place HUB for Employers with 50% Aging Family Caregivers
Investment Decisions Matter
Here is a visual representation of the ROI on Company Investments in Employee Well-Being and Caregiving Solutions. The chart demonstrates potential return percentages across various categories directly influenced by supporting caregiving employees.
Investing in such programs can result in significant savings and productivity gains, including reduced healthcare costs, lower absenteeism, increased productivity, lower turnover rates, and litigation avoidance.
Each category presents an estimated return, showcasing the financial impact of proactively addressing the caregiving challenge within your workforce.
Key Takeaways
- Employers lose $11,000 per caregiving employee annually in productivity.
- By implementing the Caring Place HUB, employers can recover 30% of those losses—a significant financial impact.
- For example, a company with 3,000 employees can save $4.95 million annually by supporting its caregiving workforce.
Subscribing to the Caring Place HUB is not just about doing the right thing for your employees—it’s a financially sound decision with tangible returns.
The data clearly shows the economic burden of ignoring your workforce’s caregiving needs, with productivity losses, increased healthcare costs, legal risks, and the hidden drain of presenteeism.
The Caring Place HUB is an investment in the company’s financial future, reducing costs, minimizing risks, and enhancing overall productivity. By addressing these challenges head-on, your company can maintain a competitive advantage and build a more sustainable, resilient workforce.
Your Action Plan
1.Implement the Caring Place HUB: Offer immediate caregiving navigation and resources in the turnkey HUB app to all employees to reduce lost productivity and absenteeism.
2.Train Leadership: Equip team leaders with the skills to manage work-life-care integration effectively, improving team efficiency and engagement. Start with the Leadership Launch and Team Leaders!
3.Invest in Employee Education: Educate the workforce on the impact of caregiving on lower-wage and BIPOC employees, preventing turnover and fostering a more inclusive workplace.
With these strategies, employers can reduce costs, improve workplace culture, and ensure long-term success in retaining and supporting their workforce.
In Summary
By addressing caregiving through strategic investments in the Caring Place HUB and leadership training, employers can recover 30% of productivity losses, reduce turnover costs, and foster a high-performing workforce.
These initiatives improve employee retention, maintain institutional knowledge, and ensure teams function optimally—all while saving significant amounts on hidden costs that business leaders might not typically consider.
Let’s talk about the first steps for your organization. Contact Us.
