The Impact of Caregiving on Business
By Darlene Merkler
There are 11-16 million employed caregivers nationwide. The average cost to employers per working caregiver is ,110 per year. This costs U.S. employers billion a year. On average each caregiver loses 9,000 over a lifetime due to lost wages and benefits and missed promotions. At least six out of 10 employed caregivers reported they had to make some work-related adjustments as a result of their caregiving responsibilities.
This includes taking time off work, reducing work hours from full to part time, taking early retirement or simply leaving the workforce. Caregiving negatively affects morale, productivity and profits. Productivity declines and employer costs increase as a result of workday interruptions, absenteeism, recruitment, retention and training issues, and increased healthcare costs—often due to stress on the working caregiver. However, there is good news. According to a study funded by the Alfred P. Sloan Foundation, “any funds spent by the employer in helping with caregiving have a payback to the employer of three to 13 times the cost. Supporting working caregivers is smart business.”
The idea that social changes can have a positive effect on profit margins and the bottom line is nothing new. What is relatively recent, however, are some findings and projections involving the impact of an aging population, and the increasing incidence of employee caregiving. We can define caregiving as providing unpaid assistance for the physical and emotional needs of another person. The amount of time spent providing assistance can range from just a few hours weekly to round-the-clock care. At least one third of caregivers are employed, and the American Association of Retired Persons, for example, reported that 64 percent of all caregivers were employed, a total of between 11 and 15.6 million nationwide. Again, this estimate may be low, as caregivers typically do not self-identify.
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They may consider themselves to be “helping out.” At least eight percent of employed caregivers devote more than 40 hours a week—but they have never consideredthe nature of their role, or hesitate to apply the term “caregiver” to themselves.
The number of caregivers (and working caregivers) will continue to increase as thenation’s population ages. The U.S. Census Bureau projects that the segment of the population over age 65 will grow from 34.6 million in 1999 to 82 million by 2050. Caregiving is already having an impact, or will soon have an impact, on every workforce. It will touch everyone—from “senior-age employees, older employees with ill spouses, and those with elderly parents and relatives.” Other shifts which account for the increased prevalence of caregiving within the workforce:
According to the Census Bureau, families in which both spouses work have become the majority. Workers reported higher levels of well-being, work and family satisfaction, and workplace productivity when they felt they could share their concerns. Not surprisingly, employees reported more problems and diminished performance in workplaces where they felt there was an obligation to sacrifice time needed to attend to caregiving or family responsibilities. And they reported reduced levels of stress and improved performance in workplaces where there was an opportunity to learn how others had dealt with caregiving problems, or where information about programs that could help them better manage their caregiving situations was available. Progressive employers listen to the research, see the potential savings, and consider a number of other factors, including: The potential for a premium labor shortage as baby boomers move out of the work force. Companies that want to retain and attract the best replacement workers will need to address elder concerns. The spiraling costs of healthcare. Working caregivers are at particular risk for health problems, and many companies are scrambling for ways to reduce health care claims by “heading them off at the pass” with the so-called “softer benefits.”
A number of surveys demonstrate that employers who make “softer benefits” available reap the rewards of employee loyalty and productivity. At DuPont, employees who took advantage of Work/Life programs were 45 percent more likely to “go the extra mile” and reported fewer instances of burnout. Other studies, by companies like Johnson & Johnson and IBM, showed that such programs play a key role in influencing a worker’s decision to stay with the company. More than 50 percent of employees say management’s recognition of family keeps them committed to the company, according to a survey by Aon Consulting Inc. As for recruiting younger workers, it is worth noting that over 45 percent of college business students rank “achieving a balanced lifestyle” as their first career goal. In addition to retention and recruitment, organizations looking to institute new programs or beef up existing ones would do well to focus on the amount of time saved by employees and reductions in absenteeism. In terms of caregiving and the potential benefits of a Work/Life focus, it’s particularly telling that more than 84 percent of employed caregivers report having to use time during work to care for an elder or an adult with infirmities Programs designed to help employees deal with eldercare and other caregiving issues really do provide a return on investment.
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Darlene’s business is Merkler’s Consulting Services. She helps families, free of charge, with the overwhelming process of finding the right placement or in-home services for their elderly loved-ones. Darlene has 40 years experience in sales and marketing with the past 20+ years concentrated in senior care. Darlene has worked in Adult Day Care, Skilled Nursing Care, Continuing Care Retirement and Alzheimer’s Assisted Living.
Darlene is the author of two books; From Darkness Into Light and The Complete Resource Guide for Baby Boomers.
Darlene’s business is Merkler’s Consulting Services which offers a variety of options to help families in need of finding the right care needed for their loved ones. Whether you just need a little help around the home, or assistance finding an assisted living facility, Darlene can help meet your needs and desires.
Let Darlene’s 20 years of Healthcare experience work for you. There is never a charge to you, as Merkler’s services are paid for by the hundreds of quality facilities in our community that are able to take care of your loved one’s needs
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