BenefitsPRO – 3 Ways To Support Employee Caregivers
The scope of what it means to be a caregiver is broad, and many employers remain unaware of how caregiving affects the well-being of their employees.
Think about the people you work with every day—their similarities and differences, their hobbies and family backgrounds, their areas of expertise. Despite their myriad differences, employees of all backgrounds face common challenges that preoccupy their thoughts and pull them away from their work.
A newly released white paper, “Taking Care of Caregivers: Why corporate America should support employees who give their hearts and souls to those in need,” highlights caregiving as an emerging factor that greatly impacts the well-being of today’s workforce.
The scope of what it means to be a caregiver is broad, and many employers remain unaware of how caregiving affects the well-being of their employees. “For many, caregiving is comparable to holding down a second job, and the lines between their work and personal lives become blurry, at best, when the care of a loved one is top-of-mind,” the white paper states. “Tethered by an emotional struggle to leave unpaid caregiving at home, these people must go to work and are expected to perform at the highest level.”
Transamerican Institute’s pivotal study, The Many Faces of Caregiving, reported that 14 percent of employee caregivers go so far as to reduce their work hours or receive a demotion. Another 5 percent give up working entirely.
While caregiving proves costly for employee well-being, studies also reveal how costly it is for business. According to AARP and the Family Caregiver Alliance, employee caregiving costs employers:
– Up to $33 billion annually from lost productivity
– $6.6 billion to replace employees who retire early or quit
– $5.1 billion in absenteeism
Written by Michael Walsh, Co-Founder CEO of Cariloop.
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