15% of the current U.S workforce is providing care to an aging loved one. The associated time, costs, and impact on productivity causes a loss of $30B every year for businesses. This happens because employees providing such care tend to become stressed or overwhelmed and they can’t be as productive at work as they should be. To enable your business to avoid this lost potential, it is important to implement elder care into your employee benefits package.
Elder care benefits provide both resources and financial assistance to employees as they care for their loved ones at home. These elder care packages relieve the pressure on your workers as they balance work duties and family care. By connecting employees with the right caregiving professionals and offering a financial backing as well as care advice, workers can have piece of mind that their loved ones are in good hands – even if those hands are their own.
Increase productivity in the workplace
While most employers don’t currently provide elder care benefits, which is unfortunate, since there is a tremendous cost to lost productivity due to family obligations. In fact, it is likely that one or more of your employees are already struggling between providing care for their family and remaining productive at work.
This is not a decision anyone should have to make. With an elder care plan as part of their benefits package, they can endure less stress at home and become more productive in the workplace. They’ll also feel better about the company that employs them, which improves engagement.
Allow workers to save on costs associated with elderly care
The financial support that is provided through elder care benefits plays a significant role in helping employees care for their loved ones more effectively. As seniors get older and require long-term care, your current workforce will increasingly have to spend money on caregivers, medicines, and equipment to help their family.
Unfortunately, money issues can lead to a host of other problems, including stress that negatively impacts focus. By providing a plan that helps them manage or offset these costs, your employees can become more financially stable and less distracted at the workplace.
Massive ROI
Because they are relatively inexpensive compared to other benefits, elder care programs will also enable your company to save on costs in the long run. The most cost-effective elder care programs will cost less than a cup of coffee per employee per year, meaning they can offer exponential return on investment.
Increase retention rates
Turnover is one of the biggest costs a business can face. Research shows that every time a salaried employee leaves, it costs the company 6 to 9 months of their salary. Workers who benefit from the support provided by elder care packages are more likely to remain with their company for a long time.
This enables you to grow your business and implement important initiatives without incurring the cost of employee turnover. Retaining top talent will also help you attract new talent, who will be encouraged by the fact that employees tend to stick around.
Now that you know why elder care benefits are so important, get in touch with a capable provider to ensure that you receive the best packages available on the market.
