Job Performance & Retention Affected by Family

SHRM Finds That People Leave Jobs to Care for Parents

14% of the U.S. population provides unpaid elder care. As one expert notes, "Given the high cost of at-home or long-term care, as well as the difficulty of navigating caregiving responsibilities, some workers may feel compelled to leave their jobs if they must choose between working and caring for elderly relatives." Read more on The Annual Benefits Survey Executive Summary by SHRM, 2024.

More Than 1 in 4 Americans Over 50 Are Now Caregivers

The caregiving challenge: A recent University of Michigan poll reveals that 30% of Americans in their 50s and early 60s are now caregivers, with 1 in 10 juggling care for three or more people. Sarah Patterson, a University of Michigan demographer, notes, "Caregiving for family and friends who have health challenges falls unevenly on people in their 50s and early 60s, and women." Surprisingly, 61% of caregivers are unaware of support services. Companies offering childcare or eldercare support can address this hidden struggle, potentially boosting productivity and fostering a more engaged workforce. Read more on USNews, August 2024.

Supporting Families, Strengthening Businesses: The Crucial Role of Child Care Support

62% of employers report losing employees due to childcare concerns. "How can we prepare to address our teams' childcare dynamics?" asks Bryan Boroughs, Chief Operating Officer and General Counsel, Institute for Child Success. Companies offering childcare support see reduced absenteeism, increased productivity, and improved employee retention. Addressing care needs proactively impacts workforce stability, diversity, and overall business resilience. Read more on NewsWeek, May 2024.

Why Caregiver Support Must Include Community

60% of working caregivers report needing to reduce hours, change jobs, or quit entirely due to caregiving responsibilities. Companies lose a staggering $3.3 billion replacing caregivers who leave the workforce. "Creating community for workers with aging parents can go a long way in helping those employees stay engaged at work," notes eldercare expert Liz O'Donnell. Supportive workplaces see higher productivity and engagement from caregiving employees. It's time for businesses to recognize eldercare as distinct from childcare and provide targeted support. Read more on Fast Company, July 2024.

The Struggle Is Real: Covering Family Caregiving

A recent report found that 67% of family caregivers struggle to balance jobs and caregiving roles, with 27% shifting from full-time to part-time work or reducing hours. "They have to juggle their work, responsibilities and their caregiving responsibilities every hour of every day. It's constant," says Susan Reinhard of AARP. With the U.S. population aging rapidly, employers must adapt or risk losing qualified workers. Supporting caregivers isn't just the right thing to do—it's a business imperative for attracting and retaining top talent. Read more on the Association of Health Care Journalists, July 2024.

Why One Company Went Above and Beyond to Give Caregivers Better Benefits

73% of U.S. employees report some form of caregiving duty. Shockingly, 57% of caregivers experience clinically significant levels of stress, anxiety, or depression. As Pat Geraghty, CEO of GuideWell, aptly states, "If your people understand that you respect them, care for them, and understand their circumstances, they will do the very best job for you." By offering caregiving leave and support groups, businesses can boost employee engagement, well-being, and companies can sometimes even prevent the need for a leave by offering employees a care concierge benefit. Source: Fortune Magazine, CHRO Daily, July 2024

Sons Caregiving for Fathers: ‘Payback’ for a Lifetime of Love

In 2020, 40% of informal caregivers in the U.S. were men, up from 34% in 2009. With 78% of male caregivers reporting little to no support, it's clear that innovative solutions are needed. As Kate Abate, Community Life Director at Broadview Senior Living, notes: "A lot of the right mindset around being a caregiver is the ability to identify as one." By offering childcare or eldercare support, companies can empower their employees to embrace this crucial role while maintaining work-life balance. Read more on The American Association of Retired Persons, July 2024.

New Survey Highlights Caregivers’ Retirement Conundrum

Caregiving costs are reshaping retirement plans, with 43% of Americans fearing these expenses will prevent them from ever retiring. A staggering 56% are willing to take loans from their retirement accounts to care for relatives, highlighting the financial strain of eldercare. As Holly Snyder, president of Nationwide's life insurance business, states, "Long-term care planning is complicated and emotional, and has a huge impact on financial wellbeing." Companies offering childcare or eldercare benefits can significantly alleviate this burden, potentially improving employee retention and productivity. Read more on the InvestmentNews, May 2024.

A Growing Number of Parents and Adult Children Are Cohabitating

Multigenerational households are on the rise, with Pew Research Center reporting that over 59 million Americans now live in such arrangements - a staggering fourfold increase since the 1970s. This trend reflects the growing need for both childcare and eldercare solutions within families. According to researchers at Lombardo Homes, "As economic pressures continue to rise, multigenerational households are likely to become an even more practical solution for many American families." This means that employees will increasingly need support with childcare and eldercare as it directly impacts their household. Read more on MortgagePoint, August 2024.

How Employers Are Providing Caregiving Employees Support — And Why They Should

A staggering 73% of employees hold caregiving responsibilities, yet there's a significant gap in support, according to MetLife's 2024 U.S. Employee Benefit Trends Study. In fact, while 84% of employees say caregiving for an adult family member or friend highly impacts them, only 67% of employers believe they're providing adequate care.

Missy Plohr-Memming, senior vice president at MetLife Group Benefits, emphasizes the importance of addressing this gap: "Employers can close this gap by increasing support for caregiving employees, improving business outcomes in stride." By offering childcare and eldercare benefits, companies can not only alleviate stress for their workforce but also boost productivity and loyalty, creating a win-win situation for all. Read more on WorkLife, July 2024.

New Data Reveals Americans Demand Caregiving Solutions

Pivotal's survey found that for 65% of registered voters, caregiving benefits would be very or somewhat important to their decision to accept a job if it were offered today.

The challenge: Despite one-third of employed voters being caregivers, caregiving benefits are uncommon.

Just 36% of those surveyed said their employer offers paid family caregiving leave, while even fewer said their employer offers other types of caregiving benefits.

To illustrate the impact, Harvard research shows that 73% of U.S. employees have some type of current caregiving responsibility.

The impact: Employee turnover costs businesses in the U.S. more than $1 trillion every year. Helping employees with child care and other caregiving needs could save employers more than it costs.

The proof: In a review of five companies, the return on investment of providing child care benefits reached up to 425%, according to a report by Pivotal partner Moms First. Read more on AXIOS, July 2024.

Supporting Caregivers in the Events Industry

Studies show that 1 in 7 employees balance work with unpaid care responsibilities, highlighting a widespread need. The Carer's Leave Act, effective April 6, 2024, grants employees 5 days of leave annually for caregiving duties - a step in the right direction. Gabby Austen Browne, founder of Diversity Alliance, emphasizes: "Companies need to make sure these policies are in place and are readily available to employees and candidates." Supporting caregivers isn't just morally right; it enhances company reputation, improves retention, and reduces stress-related absences. It's time for businesses to prioritize caregiver support through comprehensive policies and a culture of understanding. Read more on ConferenceNews, July 2024.

Caregiving: Poll Reveals Who’s Providing Care and Who They’re Caring For

Did you know that more than 1 in 4 people age 50 and older helps care for a family member or friend with a health issue or disability? A staggering 30% of people in their 50s and early 60s are caregivers, with 1 in 10 juggling care for three or more people. Companies that offer childcare or eldercare support aren't just being nice - they're addressing a critical need for their workforce. As Jeffrey Kullgren, M.D., M.P.H., M.S. notes, "We also found that the majority of caregivers may not know about local or regional services that could help them or the person they're caring for." Providing these benefits can make a significant difference in employees' lives, helping them balance their work and caregiving responsibilities more effectively. Read more on U-M Institute for Healthcare Policy & Innovation, August 2024.

Ways & Wane solves family care challenges for busy professionals

73% of your employees are caring for kids or older adults.

Offered as an employer-paid benefit, we solve eldercare and childcare challenges, no matter where employees live. Reach out for information at hello@waysandwane.com