Caregiving and Corporate America
With the growth of the elder population, it is imperative that vital eldercare education be provided to family caregivers in their communities and workplace, as this growth pattern negatively effects caregivers in both their home and work life. According to a MetLife Caregiver Cost Study (2011), at any given time, between 25-35 percent of the workforce is caring for a chronically ill or aging family member. Some experts expect this statistic to increase to nearly half of the workforce within the next 5-10 years. Statistical data illustrates that issues related to caring for an elderly loved one are costing US companies an estimated $17 to $26 billion dollars annually in lost workplace productivity (NCOA.org).
In other words: if employees are responsible for taking care of an elderly relative it WILL negatively impact their employers’ bottom line.
Due to the need to retain their income, family caregivers often come to work completely distracted and/or worn out. This is referred to as “presenteeism”. Presenteeism occurs when employees come to work but are unable to focus on their jobs. Workplace distractions are often triggered by an ailing family member in need of periodic check-ins throughout the day as well as assistance in household management along with coordinating doctors’ appointments and support services. Presenteeism for whatever reason, results in poor productivity and can reduce a workers’ productivity by more than one-third producing a negative effect on a company’s bottom-line equal to or greater than absenteeism.
According an Eldercare Survey by the Society of Human Resources Management (SHRM): 47% of HR professionals report an increase in the number of employees dealing with elder care issues and found that companies without eldercare benefits stand to lose $2,500 a year per caregiving employee. However personal this matter seems, the complexities of managing work/life balance for working caregivers has a significant effect on a company’s bottom line due to lost productivity, workday interruptions, absenteeism, worker turnover and replacement, low motivation and other factors. Caregiving negatively affects morale, productivity, and costs. As a result of caregiving responsibilities, a tremendous amount of talent, loyalty, and institutional knowledge leaves the workforce every day – either temporarily or permanently.
Informal caregiving is the foundation of health, social and financial assistance for older adults in the community. It is possible to help family caregivers balance their work lives with family caregiving responsibilities by providing resources and programs that acknowledge the lives of employees outside of work through the implementation of eldercare wellness initiatives. Employees who take advantage of educational and eldercare resources in their corporate/work environment are more productive and less likely to report negative caregiving impacts on their work performance. Of course, the programs are only helpful if caregivers use them. Education, resources and programs implemented before a crisis arises is the most advantageous way to maximize benefits initiatives for everyone involved, including the care recipient.
For more information (and solutions) about Eldercare Initiatives in your workplace please feel free to contact me via email Sue@caregiverlife.com