Elder Care Resources are a Necessity in Your Employee Benefits
The issues working caregivers face are serious, and growing every day. Employees juggling an elderly loved one’s hospital discharges and physical well-being on top of their job obligations are overwhelmed. With 10,000 people turning 65 every day for the next 13 years, now is the time to offer senior care assistance to your employees.
Employee benefits programs that do include elder care services are usually not as robust as the demand is for them. There’s a trend these days that companies are allowing employees to donate some of their PTO to co-workers who have family emergencies. PTO Donation or Leave Sharing is definitely a step in the right direction for companies to have. These policies can be a life saver to some employees. ARE THESE ENOUGH? Over 34.2 million Americans cared for an elderly loved one in 2015 alone. Caregivers that are working fulltime are dedicated and hardworking, but they still cost companies Billions in lost productivity and absenteeism every year, and aren’t receiving enough benefits.
The Senior Care Providers Network offers an easily integrated, cost-effective senior care assistance program to help your employees and decrease distractions. For today’s companies, especially those with a large population of middle-age workers, it’s more important than ever before to include elder care services in benefits packages.
This is NOT just a Baby Boomer, Gen X or a Gen Y problem.
Millennials are faced with this situation too. 1980 had the highest divorce rate America has seen. Some of these children were brought up with grandma and grandpa. Resignations are on the rise with millennials. They are leaving the workforce to look after their grandparents.
When employees are faced with a difficult elder care situation, they’re in a time of crisis. They’re not necessarily focused or making the best decisions—at home or work. Not only is there something wrong with their loved one’s health, but they also have to become a problem solver in a situation they don’t know the solution to. This creates an immediate panic.
Add on the fact that your sandwich generation employees also have to care for their dependent children, and you can understand how they feel overwhelmed. Offering your employees senior care assistance relieves their stress in these situations, ultimately decreasing distractions and improving work-life balance.
What Are The Statistics On Elder Care Needs?
Integrating senior care resources into your current employee benefits program is a surefire way to improve business functions. Understanding the statistics behind why an elder care EAP program is necessary helps in making effective HR decisions:
43.5 million Americans informally care for an elderly loved one
Average lost income for an informal caregiver is $303,880
57% report they have no choice but to perform clinical tasks
40% are in high-burden situations (21+ hours per week caregiving)
1 in 4 caregivers spend 41+ hours per week caregiving
Live-in caregivers spend 40.5 hours per week caregiving
Furthermore, beyond caring for elderly parents, the aging workforce is also starting to care for their brothers, sisters, and spouses. They’re staying in the workforce longer to make up for losses in retirement that are often due to caregiving responsibilities.
The older population—persons 65 or older—was numbered at 46.2 million in 2014, and this is expected to double to 98 million by 2060. While these staggering numbers might make senior care seem like an unavoidable problem, choosing an elder care EAP program like the Senior Providers Network helps your employees reduce stress, maintain a healthy work-life balance, decreases absenteeism, and improves employee happiness.
To see how Senior Providers Network can provide senior care assistance with our simple, standalone platform, click here to request a demo.
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