Navigating Aging: Why Businesses Should Support Employees with Aging Parents
Have you considered the negative impact on your bottom line because of the personal challenges your employees face?
As the number of U.S. workers caring for aging parents grows, so does the need for businesses to acknowledge and address the pressures they face.
Consider these statistics:
- 53 million US adults are involved in caregiving. That’s up from 43.5 million in 2015, including caregivers working full-time.
- 61% of US households depend on two incomes to remain financially stable. The increasing demand for loved ones to stand in as family caregivers upsets the financial balance of the average household.
- Caregiving costs the US economy an estimated $44 billion due to job losses and absenteeism.
Supporting employees who care for aging relatives is about more than productivity—it’s about developing a workplace culture based on compassion and empathy. A culture that acknowledges and addresses all aspects of employee well-being.
It’s your commitment to leading an environment where every employee is valued for their professional contribution and accepts personal challenges. Partnering with local aging-in-place organizations and leveraging additional resources will help your company’s performance and strengthen its role in your community
The Impact of Caregiving on Employee Productivity
Your employees’ “behind the scenes” burdens can silently undermine their performance and overall job satisfaction.
Recognizing the significant impact of caregiving on employee productivity is a strategic necessity and moral imperative:
There are 37.1 million elder care providers in the U.S., and 61% of them are employed.
$44 billion is lost annually to decreased productivity and employee turnover.
Caregiver-related issues lead to reduced work productivity by one-third on average — an estimated $5,600 per employee — primarily because of reduced performance while present at work.
Businesses that proactively address and support the unique needs of employee caregivers not only see enhanced focus, engagement, and productivity but also provide essential relief to a demographic that is shouldering significant burdens.
Understanding and mitigating the effects of caregiving stress will become crucial for sustaining a resilient and thriving workforce. This workforce has extraordinary caregiving responsibilities that most of us will have to deal with if we’re not already.
Prioritizing Mental Well-Being: The Business Case for Supporting Employee Caregivers
In today’s high-pressure work environment, supporting employee mental well-being is beneficial and essential. Caregivers experience mental and emotional strains that affect their professional productivity and overall job satisfaction.
- 57% of caregivers said their caregiving responsibilities impact their mental wellness.
- 45% of caregivers said their caregiving responsibilities impact their physical wellness.
- 37% of caregivers said their caregiving responsibilities impact their performance at work.
- Anger, loneliness, guilt, cognitive overload, and lack of concentration are other common responses to taking on a caregiving role.
Comprehensive support strategies, including partnerships with aging-in-place organizations, can significantly enhance the well-being and productivity of your workforce.
Incorporating Aging-in-Place Non-Profits and Other Resources As Support Strategies for Your Employees
Today, supporting the well-being of employees must extend beyond traditional perks and benefits. It must also support more personal challenges, like caregiving for aging loved ones.
As a business leader, adopting a compassionate approach fosters a healthier, more productive workplace and addresses a reality many of us face or will face in the future.
Incorporating local “on the ground” aging-in-place non-profits and other targeted resources as part of your company’s support strategy is a commitment to the holistic well-being of your employees.
- Aging-in-place organizations — focus on empowering seniors to live safely and independently in their homes as they age. They provide a range of services tailored to the unique needs of older adults, such as home modifications for safety, wellness programs, and social activities to combat isolation.
- Employee Assistance Programs (EAPs) — are employer-sponsored initiatives designed to help employees handle personal and work-related issues that might impact their job performance, health, and well-being. They can include confidential, short-term counseling, crisis intervention, and referrals to resources that support workers in navigating personal challenges while maintaining productivity at work.
- Telehealth Services — provide access to medical consultations and mental health support without requiring employees to leave work or home, accommodating their schedules and reducing time off.
Some other support strategies include flexible work arrangements, caregiving leave policies, informational workshops and seminars, support groups and networks, and training for management to recognize and support their team.
Incorporating support services like aging-in-place organizations and Employee Assistance Programs helps businesses foster a supportive work environment and demonstrate a commitment to employee well-being.
A Final Thought
Supporting employees who care for senior loved ones goes beyond traditional business practices. It’s about building and leading a compassionate workplace culture that recognizes the phenomenon of caregiving and the additional weight it adds to employees.
Consider partnering with your local aging-in-place organization like DuPage Senior Citizens Council to provide essential support. The partnership would enhance employee well-being and your company’s community standing.
Reach out today to discover how to impact your business significantly.
Sources
- Securian Financial, Securian Financial examined how employers can help the growing number of workers by providing caregiving assistance for loved ones and others with needs. April 2024
- Guardian, Standing Up and Stepping in.
- Caril∞p, The Data Is Clear: Caregiving Support is a Top-Requested Employee Benefit.
- Calm Business, Employee Caregivers Need More Support from Their Employers.
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