Ways and Wane

“The number of people in the adult population providing care and working outside the household has increased from 1 in 7 in 2020 to 1 in 5 today. And the average time devoted to giving personal care to another has nearly tripled since 2020.” “The average caregiver age has decreased: Millennials have surpassed Generation X in being the largest cohort of caregivers who also work full time.” “Almost half (47%) have experienced increased anxiety, depression, or other mental health issue in the past year — 62% more than non-caregivers.” https://lnkd.in/eQDTXWBg

Over 1.2 million workers miss work each month due to inadequate childcare options, resulting in up to 1.4 billion lost work hours annually. Studies show the childcare crisis is costing companies millions, as the "blow to productivity and output compound over time, harming competitiveness." Offering a family care benefit helps ensure employees can work. https://lnkd.in/eyDHTUAF

"Evaluate company demographics to determine which life circumstances are most likely to affect your workforce. In this hidden worker research, for example, we identified four segments based on age: ? Those in the 18–29 age group are likely to be young employees caring for adults, such as a sick parent or sibling. ? Those in the 30–40 age group are mostly likely to be parents of young children. ? Those in the 41–54 age group, known as the “sandwich generation,” provide most of the eldercare and childcare in the same household. ? Those older than 55 are long-haul caregivers and more likely to be providing eldercare as well as dealing with issues of their own." The "sandwich generation" (ages 41-54) shoulders both childcare and eldercare responsibilities under the same roof, while 18-29 year olds increasingly care for adult family members. Smart companies are waking up to a simple truth: employee caregiving isn't a personal issue, it's a business imperative that directly impacts retention and productivity. https://lnkd.in/gZubB8_a

Benefits for caregiving aren't like standard perks - they must flex with employees' life stages rather than job titles or pay grades. Research shows caregiving needs, while not consistent, are a constant factor impacting our workforce. As Harvard Business School's Joseph Fuller notes, "care benefits will be utilized episodically and often for limited periods," making them fundamentally different from universal benefits like healthcare or vacation time. What makes business sense is recognizing that employees' caregiving demands naturally evolve over time. The smart move is understanding these benefits will be used intermittently - but their economic returns are measurable and clear. https://lnkd.in/gZubB8_a

“Consider the cost side. Many employers will not have run the numbers in any detail (if at all) but will intuitively suspect the magnitude of the hidden costs. Those include the obvious costs related to the turnover of employees with caregiving needs, such as having vacant positions, hiring and onboarding, reliance on temporary or gig workers, overtime, etc. Add to that the hidden costs of presenteeism and absenteeism, the loss of institutional knowledge, and the damage turnover inflicts on morale and customer relationships that employers too often dismiss as too “soft” to credit. By contrast, an organization that exudes a caregiving culture and makes it integral to its talent strategy stands to benefit in multiple ways. An increasing amount of research indicates that care benefits generate attractive returns on investment for employers by reducing turnover and absenteeism, increasing productivity and bolstering employee engagement and commitment. An analysis of data from 97 companies that support employees with caregiving responsibilities revealed that such companies enjoy an enviable return on their investment in caregiving benefits, in the form of higher retention and lower employee turnover.” https://lnkd.in/gZubB8_a

“Employees in most companies only go to their boss or to their company to discuss a caregiving issue as a last resort. Their concern is: If I bring this up, I’m certainly not going to be a candidate for promotion. It’s going to affect my performance evaluation. They fear they’ll be viewed as less committed, that they’re going to be suspect.” "What my research shows is the more senior you are, and the more money you make, the more likely you are to leave a job because of a caregiving obligation. Employers are always surprised by that. They assume a worker is more likely to leave if they’re low-paid." “A worker in the top quartile of compensation is more likely to leave a job because of a caregiving conflict by a factor of two than a bottom-quartile worker. And that 25 percent to 35 percent cost of replacing a worker goes to 100 percent or more of annual compensation if you’re talking about a top-quartile worker—middle management, upper-middle management, all the way to the executive ranks.” https://lnkd.in/e4exmbwp

As S&P Global and AARP found, "Two-thirds (67 percent) of family caregivers have difficulty balancing their jobs with caregiving duties." However, 87% of HR professionals agree that "caregiving policies help attract talent." Caring for loved ones while working can take a significant toll. Nearly 48 million Americans provide unpaid care to an adult family member, and 61% of them work full or part-time. https://lnkd.in/ecnkwmuE

Harvard Business School, CBS News, U.S. News, NBC News all recently covered the challenge that your employees are experiencing: the need to care for older adults. Here's how to help each other.

Employed caregivers often sacrifice their own financial security to care for a loved one at home. Many face the reality of depleting their savings and going into debt to cover the costs of in-home care. Without support from family or their employer, these caregivers are left to shoulder the significant financial burden on their own. Employers can help by offering paid family leave, flexible schedules, and access to caregiver support resources. Providing this kind of assistance can ease the strain on employed caregivers and enable them to balance their work and caregiving responsibilities. https://lnkd.in/gnk3WV5Z

According to a Harvard Business School study, one-third of employees who become family caregivers end up quitting their jobs, creating a massive talent drain. When UPS launched their day care program, they saw employee turnover plummet by nearly 800%, with 80% of eligible frontline workers eagerly enrolling in just the pilot phase. As the article's author notes, "The current stress on our caregiving infrastructure isn't just a workforce issue... it's holding our entire economy back." Smart companies recognize that supporting caregivers isn't about charity - it's about maintaining a sustainable, productive workforce that can focus on delivering results rather than juggling impossible choices. https://lnkd.in/d9MVt4uv