Considering the impact of caregiver support on your workforce? In an era where work-life balance isn’t just a buzzword, but a necessity, lack of caregiver support is an undeniable shortcoming. Let’s answer the question: What happens if companies don’t provide caregiver support?
1. The Bottom Line Suffers
Increased absenteeism, higher healthcare costs, lost productivity and recruitment expenses are all unfortunate realities when replacing burned-out employees. What are the costs of not taking action?
- $44 Billion: The estimated revenue lost each year due to decreased productivity and employee turnover
- 50-75 Percent: The amount of an employee’s annual salary it takes to backfill their position
- $221 Billion: The estimated indirect economic effect of deteriorating caregiver health
When the economy suffers, businesses suffer too. If current trends persist, companies and employees alike will continue to struggle under the demands of caregiving. It’s a warning HR teams can no longer ignore.
2. Burnout Strikes Hard
Without proper support, caregivers, who already have a demanding role outside of work, find themselves stretched thin. Juggling between caregiving duties and a full-time job means longer hours, higher stress levels and eventually, burnout. We’re not just talking about a few tired employees here – over half of your employees are feeling stressed every day at work. Some are able to handle what life throws at them, but when your employees are taking care of multiple loved ones, near and far, it can get hard to manage regardless of personality type.
Six out of 10 caregivers experience at least one change in their employment due to caregiving, be it cutting back work hours, taking a leave of absence or receiving a warning about performance.
Think of a working mother who just found out her father was diagnosed with a serious illness. Or, think of an employee who has to navigate finding in-home care for their sibling who lives in a different state. Employees who are not supported with caregiver support at work have to make the choice between work and family, and they settle for less at their jobs in order to care for their loved ones.
3. Productivity and Engagement Takes a Hit
Low morale and engagement are invisible problems that can often be the catalyst for issues within your organization. When employees feel unsupported, undervalued and overwhelmed, they’re less engaged and excited about their workday.
According to a recent study, nearly 1 in 4 of employed family caregivers reported either absenteeism or presenteeism over a one-month period owing to caregiving. Among them, caregiving reduced work productivity by one-third on average—an estimated $5,600 per employee—primarily because of reduced performance while present at work.
Lack of caregiver support means employees are handling two—sometimes three or four—full-time jobs, and those who are caring for their loved ones have more on their plate are even less engaged when they’re not supported by a hollistic benefits solution.
How To Take Action
In today’s world, where holistic well-being and work-life balance are crucial, companies must realize that the heart of any successful organization lies in the well-being of its employees. Ignoring caregiver support doesn’t just impact caregivers; it reflects on the entire ecosystem of the business.
The bottom line: provide your employees with a caregiver support solution before it’s too late because the cost of inaction is too much for companies to bear long-term.
At Cariloop, we give employees the holistic support they need and deserve while navigating caregiving needs. Everyone from executives to employees fares to benefit from implementing caregiver support. Here’s how:
- We save employees an average of 73 hours per need, allowing them to take the burden of caregiving off their shoulders and be more productive and engaged at work.
- We help identify needs that caregivers might not realize they have. Our expert Care Coaches address about 84% of new needs beyond what the employee comes in with knowing. They’re getting help from experts they didn’t even know they needed, giving them even more time back to be productive at work.
- Employers experience an average of 3x ROI when implementing Cariloop. It’s an easy win for your overall benefits ecosystem.
As the saying goes, “Take care of your employees, and they’ll take care of your business.”
It’s time companies heeded this and championed caregiver support not just as a perk, but as a vital part of their organizational DNA. Contact us to learn how you can implement caregiver support benefits today.