Caregiver Questions... ANSWERED
Why Support Caregivers in Your Organization?
Caregiving is universal... at some time everyone’s life will be touched by it!
- Pre-pandemic research shows that nearly 20% of any workforce care for loved ones who are ill, elderly, disabled or special-needs children during “off-work” hours.
- That number rises to 73% of the workforce if parents caring for their children are included as caregivers.
Caregiving takes a toll on caregivers... especially in this COVID-19 era.
- Since the pandemic, 83% of caregivers report that juggling caregiving with work, home/family responsibilities has increased their stress. This stress negatively impacts their physical, mental and financial health.
- It is likely that many of the caregivers in your organization are also some of your most experienced, reliable and respected employees; people you want to support and retain.
Caregiving takes a toll on businesses... by reducing productivity and increasing health-care benefits costs. Research shows:
- Higher health benefits costs: Average 8% higher costs for all caregiving employees; 11% more for blue-collar caregivers; and 18% more for male caregivers.
- Lost productivity: Employee caregivers’ productivity declines about 20% -- resulting in annual losses averaging $6,404 per person. These costs are primarily due to: workday interruptions; absenteeism; shifts from full-time to part-time work; and expenses of recruiting new employees to replace caregivers who leave the workforce.
How to Support Caregivers in Your Organization
Whether your valued associates are employees, policy-holders, or union members/retirees, you can offer them real support with Help4Caregivers:
- An easy-to-navigate online platform
- Curated by a registered nurse & experienced caregiver
- Hundreds of links, videos & toll-free helplines
- Simple, 24/7 access to trustworthy information & answers
- Downloadable caregiving guides, tools & care plans
- Self-care & resilience strategies for caregivers
- Inspiration & encouragement
- The comfort of knowing they’re not alone!
Caregiving Cost to Your Organization
Research shows that employees who care for loved ones during “off-work” hours reduce the productivity and increase the health-care benefits costs of their employers.
It is likely, however, that many of these workers are also some of your most experienced, reliable and respected employees; people you want to support and retain.
Calculating the Cost
We have developed this simple tool to help you begin thinking about supporting caregivers in your organization.
A sound investment in helpful resources will yield improved performance and productivity; greater well-being and loyalty in the caregivers you care about, and the organization you lead.
To calculate your organization’s cost of caregiving, follow these steps.
- Identify how many people you employ.
- Enter this number in the # of Employees box under Cost of Lost Productivity. You will receive an instant calculation of your organization’s Total Cost of Caregiving.
This data will be completely confidential. No data will be gathered from your responses.
Invisible Overtime: What employers need to know about caregivers. Debra Lerner, MSc, Ph.D. Rosalynn Carter Institute for Caregiving. January 2022. https://www.rosalynncarter.org/wp-content/uploads/2022/03/Invisible-Overtime-White-Paper.pdf (Accessed March 18, 2022)
MetLife Study of Working Caregivers and Employer Health Care Costs: New Insights and Innovations for Reducing Health Care Costs for Employers. MetLife Mature Market Institute. February 2010. https://www.caregiving.org/wp-content/uploads/2011/06/mmi-caregiving-costs-working-caregivers.pdf (Accessed January 27, 2022)
Willis Towers Watson: Employers expect health costs to rise by 5% in 2022. https://www.fiercehealthcare.com/payer/willis-towers-watson-employers-expect-health-costs-to-rise-by-5-2022 (Accessed January 27, 2022)
For more information on how Help4Caregivers can help you and your organization, contact us.