Over the next few decades, the elderly population is expected to double, meaning more adults will be serving as caretakers to elderly relatives.
A new report from the Northeast Business Group on Health (NEBGH) outlines how employees serving as caregivers often don’t perform as well at work, and how companies can provide more benefits to these employes to try and curb negative outcomes.
Right now, 16 percent of the population is considered caregivers to relatives -- about one in six people working. Sixty percent of those caregivers are female, 40 percent male, and 25 percent are millennials.
Since the elderly population is expected to double over the next few decades, it will likely be more common for employers to have their workers caring for someone at home.
These caregivers do things like helping an elderly person with errands or household tasks, but more than half of caregivers are performing medical tasks like injections or working with catheters. On average, caregivers spend $7,000 a year on out of pocket expenses for their loved one.
Those serving as caregivers are devoting a lot of time to this care, with 23 percent saying they spend more than 40 hours per week caring for their relative.
This is important for employers, because employees serving as caregivers miss more work, are distracted during the work day from dealing with caregivers tasks, have higher turnover and often require more medical care themselves. The report estimates these factors contribute to a $38 billion loss for employers each year.
The report lays out these facts and highlights certain companies that are adding specific benefits for employees serving as caregivers.
Some benefits employers are providing for caregiver employees included in the report are more flexible sick and personal days and providing resources for caregiver support.
There are also digital tools to assist caregivers that employers could purchase and provide as a resource.
Some specific caregiver benefits the report highlights: Prudential offers health coaching for employees on site, which includes financial guidance and advice for adult caregiving. CBS Corporation offers and subsidizes a backup care program for employees.
Deloitte offers 16-weeks paid family leave, that an employee may use for maternity or paternity leave, as well as caring for a sick relative.
Providing these resources would also help caregiver employees feel supported. Right now, 44 percent of caregivers in the workplace don’t tell their supervisor they are taking care of a relative at home.
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