A look at how that impacts the workplace

Cora Tellez, Sterling Health Services Administration, Inc.
Originally published in: HR.com | June 25th, 2019

A Harvard study was just released that stated nearly half (47%) of all middle-aged workers are “sandwiched” between caring for their own children and the needs of an aging parent(s). Currently, there are more senior and elderly Americans living today than any time in history – many of whom require caregiving assistance.

Joseph Fuller, professor of management practice in general management at Harvard Business School, released a report “The Caring Company,” which examined the business cost of caregiving, along with practical solutions to mitigate productivity loss. Despite the widespread issue, many employers have yet to develop a proactive approach.

Caregiving duties directly relate to turnover, as 32% of study respondents reported they had voluntarily left a job during their career due to caregiving responsibilities. Many left due to childcare, nearly a third (32%) cited taking care of an elder with daily living needs and almost 25% left due to caring for an ill or disabled spouse/partner/relative.

Even those employees who stay at their jobs are impacted. Productivity loss is a major issue associated with caregiving, as an inadequate support system can often lead to presenteeism – where employees report to work, but see performance decline as a result of being distracted by care-related responsibilities. It’s an issue across all career levels, as 88% of senior executives reported caregiving regularly impaired their ability to perform their best at work. Nearly three in five women reported care responsibilities being on their minds, while at work.

Fuller notes smart employers will “seize the opportunity to gain an advantage in the increasingly ferocious war to recruit and retain talent through a deliberate strategy to become a corporate care leader.” Addressing this growing problem is not just the morally right thing to do, it will mitigate productivity loss, attendance issues and employee turn-over, as well as reduce the need for costly recruiting and retraining.

How Companies Can Get Ahead of the Issue

Companies who want to get ahead of the market may consider working with brokers or insurers who can combine caregiving or long-term care insurance in a benefits package.

There are benefits providers that build robust offerings to help employees plan for aging, long-term and end-of-life caregiving (for both the employee and/or a family member). These groups can provide funding for items not covered by medical and long-term care insurance, and give members access to retired physicians and pharmacy coaches to advise. Some even have savings accounts paired with high-security debit cards that enable individuals, family caregivers and caregiving agencies to track, plan and manage spending with pre-authorized vendors.

Caregiving benefit packages will begin to emerge at workplaces in the next decade. It’s important for companies to research and be a leader in this area. Studies like this highlight a trend that will need to be addressed by American employers in order to stay relevant and keep attracting top talent.