More than 20% of working Americans balance their job and caring for a loved one. It’s heroic, and these employees tend to be top performers. But it takes a toll. Studies show that people balancing work and caregiving are at higher risk for serious illness and are more likely to take leaves of absence or leave the workforce. It costs employers billions of dollars. At a time when employers are focusing benefits strategies on impact and ROI, caregiving must be a top priority.
Take Susan, for example. She is a 36 year old high performing executive with Type 1 diabetes. She is also the primary caregiver for her young daughter and her aging grandmother. Balancing it all has left Susan less focused on managing her blood sugars. She doesn’t realize she’s at risk for a health crisis – until its too late. Susan ends up hospitalized for three days and costs her and her employer thousands of dollars in medical expenses and lost work. Even when she returns to work, Susan is playing catch-up, and is struggling to keep her head above water. The result? Susan takes a three month leave of absence.
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Stories like Susan’s are increasingly common. But they can be avoided with the right kind of support, and leading companies across the country are implementing them at an accelerating rate. Here are three proven strategies companies can use to support their workforce, while protecting their bottom line.
First, many companies have created employee resource groups, or ERGs, focused on caregiving. ERGs make it possible for employees to connect with colleagues facing similar challenges. ERGs provide curated content, conversation, and camaraderie, each of which help employees feel less isolated and provide access to valuable tools to help manage caregiving responsibilities.
Second, expert caregiving support. Caregiving support is a fast-growing benefits. Companies can provide expert virtual support to help employees navigate and manage the complicated process of being a caregiver. At their best, these experts focus on the employee’s own health and wellbeing, reducing the risk that the employee will get burned out, or become seriously ill. A recent study demonstrated the average medical cost savings of $3,300 per caregiving employee per year from this kind of expert support.
Finally, and most critically, companies are considering the caregiving problem holistically. For example, innovative organizations want all of their benefit programs to recognize that caregiving doesn’t happen in a silo. For example, because caregivers often face mental health challenges, it is important to connect mental health solutions seamlessly with caregiving solutions in order to maximize the utilization and impact of both.
The “silver tsunami” has struck, and the number of employees balancing work and caregiving is moving towards a quarter of the population. Their health and well-being are at risk, driving avoidable healthcare and other costs that cost employers billions of dollars a year. Entering 2025, employers have a tremendous opportunity to touch a large number of people, and drive real, measurable impact to their bottom lines.
Evan Falchuk, CEO, Family First
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