What do employees care about the most, above all else? Their loved ones, of course. And when companies offer benefits that pertain to these individuals, such as caregiver offerings, very powerful returns are generated. Things like significantly increased retention, much higher rates of job satisfaction, better health, and performance gains are really just the start of what businesses receive when they show how much they care.
Caregiving on the Rise
If a company’s goal is to build a true sense of value among its employee base, caregiver benefit offerings are one of the strongest ways to do so. Millions of working American households are affected by the need to provide care for a family member or friend, and the trend has only been increasing in prevalence over the last few years.
According to a 2023 study on Caregiving in America from Guardian, a mutual insurance company, “100 million U.S. adults function as caregivers, providing care for a child, parent, or other relative. More narrowly, there are 53 million U.S. adults who care for a spouse, elderly parent or relative, or special-needs child. That’s up from 43.5 million in 2015 and includes caregivers who also work full-time jobs.”
Since 2019, there has been a sharp rise in the number of employees serving as unpaid caregivers while also working full-time. Guardian’s study found that about 22% of the U.S. workforce were caregivers in 2022, up from 16% just three years prior.
What Do Caregivers Face?
Individuals who function as caregivers face a huge range of challenges. Among the biggest are financial strains and an increase in the average number of hours that are consumed each week by providing care.
The average caregiver spends about 26 hours per week providing care, which is up from 9 hours per week as recently as 2020. For some it’s much more. Close to a third of people provide care more than 30 hours each week. It’s very much like a full-time job.
In terms of budgets, nearly two-thirds of U.S. households depend on two full-time incomes to remain financially stable. But caregiving responsibilities can disrupt this stability in many ways. For example, roughly 20% of caregivers have taken a leave of absence or a demotion so they could provide care. About 29% of these folks needed to reduce their work hours. Others may be forced out of the workforce entirely.
Also, many caregivers have missed work because of their own injuries or illnesses. This demographic is two times more likely to experience their own disability-related leaves of absence.
Supportive Firms Win Big
When employers step up to support working caregivers, these employees are more likely to form strong bonds of loyalty and appreciation for their companies. They may also experience generally better health outcomes too, which is another added perk.
The first step would be to create a culture of openness regarding caregiving, because many employees keep their responsibilities a secret in the belief that talking about them will negatively impact their jobs. But actually, the opposite is true. Open and honest conversations can help people de-stress and feel more connected to their colleagues.
Next, consider implementing policies that provide employees with greater flexibility to meet their caregiving needs. These policies may look a little different from company to company, but every little bit of flexibility helps. As Guardian reported, “Data show that people thrive under flexible work arrangements — and when people thrive, productivity, work satisfaction, and loyalty all benefit.”
Several other popular strategies and offerings that companies have deployed include things like financial wellness benefits, supplemental health insurance, long-term disability coverage, caregiving concierge benefits (which is a bit like an assistant for the caregiver), and even backup care services.
Many firms are also establishing employee resource groups to provide a greater sense of inclusion for caregivers. Sometimes this involves regular meetups for caregivers, an online chat, or any type of forum where people can express their ideas and experiences. Sometimes a sympathetic ear, or someone to ask for advice, can make all the difference.
What Could Matter More?
As the U.S. population ages, more and more full-time employees are likely to become caregivers with each passing year. In fact, the U.S. Census estimates there will be about 80.8 million people aged 65 and above by the year 2040, more than twice as many as in 2000. Employers have the opportunity to stay ahead of this trend today by introducing benefits that support caregiving employees.
Behind every statistic about caregiving lies a person experiencing the joys and challenges of supporting a loved one. By embracing caregiving benefits, companies can show they truly care about the whole person, and in doing so, foster a culture of empathy and support that extends far beyond the workplace.
