The Bureau of Labor Statistics says that employees ages 45 to 64 will make up a full third of the workforce by next year. Along with job responsibilities, many in this age group also juggle family caregiving responsibilities. According to a study by the University of Florida, one in 10 American workers is a caregiver, which means that almost 16 million Americans are trying to balance working and caregiving.
The demands that go along with caregiving affect employee productivity, and as caregivers themselves begin to age, it will only get harder to maintain that delicate balance between working and caring for their family members.
Absenteeism, workplace interruptions and care crises due to caregiving duties contributes to a $29 billion loss each year in productivity for businesses, according to a National Alliance of Caregiving/AARP study funded by MetLife.
Caregiving employees are also more costly, as they suffer more stress-related illnesses, and in turn rely more on the company's health care plan.
Some workers, about 10 percent, feel forced to choose between family and work and had to quit their jobs. Eleven percent of employees who are caregivers took a leave of absence, and 7 percent worked fewer hours. Three percent turned down promotions.
Having to quit a job or even cut back on work hours has serious financial and emotional effects for these caregiving employees. If the caregiver has his or her own family, caring for more members puts a strain on the entire household, and caregivers who enjoy their jobs may become depressed and lonely after quitting.
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