So many of your employees navigate emotional and overwhelming caregiving situations on their own every day—approximately 73%, to be specific. This is costing organizations billions of dollars annually as employees struggle to remain productive and stay in the workforce while fulfilling their caregiving duties.
Caregiving is also a diversity, equity and inclusion issue as 40% of caregivers are a part of the BIPOC community and the rates of caregiving within these communities are higher than those in white demographics.
The lack of support for caregiving employees is growing into a crisis, and employers need to act to help reduce the impact of this crisis on their bottom line. Corporate America’s delayed response to this crisis likely stems from a number of issues.
4 reasons why employers aren’t addressing the caregiving crisis
- Lack of awareness: Many employers may not be aware of the importance of addressing caregiving needs through benefits, or may not know about available options. With caregiving’s significance as a DEI issue, employers need to prioritize caregiver support in their DEI initiatives and invest in solutions that contribute to those initiatives.
- Cost concerns: Providing benefits for working caregivers can be seen as an additional expense, and some employers may be hesitant to invest in something that is not seen as directly impacting the bottom line.
- Stigma: Caregiving is a stigmatized topic due to its impacts on work-life balance, leading some employers to overlook the needs of working caregivers.
- Limited options: The availability of resources for working caregivers can vary widely depending on the employer and location, leaving some employers unsure of how to support their caregiving employees.
Why caregiving employees deserve support
As an HR professional, limited budgets and a saturated benefits landscape make it difficult to know which solution will truly be an inclusive offering that maximizes impact for your employees and helps drive business outcomes.
Imagine an employee walks into your office needing help. Work deadlines loom, but they can’t focus on their work.
The employee’s sick child hasn’t been able to go to daycare this week and they’ve had two different babysitters cancel on them at the last minute. Their dad is having hip replacement surgery next week and they’re probably going to have to take off work to care for him if they can’t find affordable in-home care and rehab options.
“Do we have any benefits that can help me figure all of this out?”
You frown because you know how diverse and complex this employee’s needs are. Their situation is unique and you really don’t have a benefit to offer that will help the employee find resources without spending a lot of time still sifting through options on their own.
A proper caregiving solution is the type of investment that empowers you to offer meaningful support to your employees when they need it most. It also helps address the needs of your diverse workforce and generates significant ROI for your organization.
6 ways employers that offer caregiving benefits realize ROI
- Improved employee engagement: The top employee needs addressed by Cariloop’s Care Coaches are physical health support and mental and emotional health support. These needs often result in absenteeism (missing work) and presenteeism (coming to work while physically or mentally unwell). By providing caregiving support, employers can help employees manage their responsibilities so they are more focused and engaged in their work.
- Increased productivity: Caregiving responsibilities can be a major source of stress for employees, leading to decreased productivity. A study by MetLife found that caregiving responsibilities cost U.S. employers an estimated $33.6 billion annually due to lost productivity and employee turnover.
- Increased employee retention: Employees with access to caregiving resources are more likely to feel supported and valued by their employer, increasing their likelihood of staying with the company. A survey by the National Alliance for Caregiving and AARP found that employees with access to caregiving benefits are more likely to remain with their current employer. A Cariloop-sponsored survey of benefits leaders also found that nearly 80% of benefits leaders agree that expanding caregiving benefits could improve efforts to attract and retain employees.
- Enhanced employee morale: Our sponsored survey of benefits leaders also revealed that 67% of benefits leaders believe an employee’s caregiving responsibilities introduce additional stress on their coworkers and managers. When employees are supported by their employer in both their personal and professional lives, they show up as their best versions of themselves. Caregiving support can improve employee satisfaction and morale, leading to a more positive work environment.
- Reduced healthcare costs: The National Alliance for Caregiving reports that 60% of caregivers find that caregiving has made their health worse. Employees with access to caregiving support are less likely to miss work due to caregiving-related issues, which can lead to reduced healthcare costs for both the employee and the employer.
- Better recruitment: Candidates are looking for what the employer can offer that others cannot, particularly with unique benefits and resources that show the employee’s well-being and whole self is important. Implementing caregiving solutions can make employers more attractive to potential employees and improve the quality and diversity of the candidates they bring in. A Cariloop customer in the energy sector emphasized the importance of caregiver support on their recruiting efforts, “Every time we discuss that Cariloop is a free benefit for employees and their loved ones, it’s a light bulb moment for the candidate. It’s the exact moment when you see them think of themselves not as a prospect but as a future employee.”
Through these impact areas, Cariloop’s customers have seen a 2x return on their caregiving benefit selection, saving employees an average of 73 hours per caregiving situation.
If you are ready to learn how your organization can realize this significant ROI by offering caregiver support to your employees, contact us today.