November is National Family Caregivers Month. There has been a lot of progress in getting more support for working parents. However, caregiving for adults and aging adults has not gotten the same attention. With an aging workforce and an aging population, the related caregiving risks and costs will be impacting employers at an increasing rate over the next five to ten years.
Here are a few facts to consider:
If you have a parental leave policy, consider expanding that to a family leave policy that employees caring for adults can use. Some of their challenges may be an aide taking care of mom, dad, or a loved one arriving late. They may need to attend a doctor’s appointment or care-related appointment (chemotherapy, dialysis, pre-op visit, meeting with an estate or eldercare attorney, etc.). They may need to meet with a new care service provider or be in person for delivery and set up of medical equipment.
There is a growing number of employees tapping into their retirement savings, including 401(k) funds, to care for an older adult who needs financial support. Talk to your 401(k) provider about specific education around this issue. In some cases, employees have run through all their retirement savings and are starting over at 50+ to save for their own retirement. Getting them more educated about options other than their own funds can mean more long-term financial stability for them.
Employees who are caregiving for children, older adults, or both statistically have higher physical and mental health care claims costs if they have little or no support. Review what your organization has in place that can specifically reduce the cost, time, and risks of caregiving for your employees. This will allow them to stay more engaged at work and potentially offset some of those costs. It can also impact whether or not an employee leaves your organization because they don’t have the resources to focus on their career and adequately provide care management for one or more people in their family.
There is also a concern around younger people now being diagnosed with cancer and other diseases that traditionally happened at an older age. These employees may need care support for themselves, including support to find in-home care during recovery, transportation needs, food services, financial considerations, and home cleaning. They may need pet support. Having a solid care plan for their recovery, not just the medical needs, can help them make a full recovery and get back to work.
It can also be helpful to train your organization around caregiver bias. Often a caregiver will not identify in the workplace or ask for support because they feel it will impact their careers. The reality is that almost every employee will either need to make caregiving decisions for an adult or aging adult in their lives, or someone will make those decisions for them. Understanding what they need to have in place, their preferences, and access to qualified, professional support can help them stay more engaged at work when they are faced with caregiving.
The reality is that caregiving for adults and aging adults is now costing U.S. employees $50 billion annually and growing. Starting to get a solid plan in place to support the increasing number of working caregivers in your workforce can mean lower costs for your organization. Workplaces that recognize and prepare for the growing caregiving challenges can help employees navigate their dual roles effectively, retain talent, and send a clear message that the company supports their careers and recognizes the support they need to stay engaged.