A growing number of American families are taking on the task of caring for an aging parent, requiring them to balance eldercare with other family and work obligations. As employers look to help their employees – and gain a competitive edge in the war for talent – they have a unique opportunity to help employees navigate these challenges.
More than three-quarters of employers believe caregiving benefits for elderly or ailing family members will grow in importance to their companies over the next five years.1 As far back as 2013, the AARP estimated that eldercare costs businesses annually:
- $5.1 billion in absenteeism
- Nearly $6.3 billion in workday interruptions (e.g., coming in late, leaving early, taking time off, or spending work time on eldercare matters)
- $6.6 billion to replace employees who had left their jobs
- $17.1 billion to $33.6 billion in lost productivity, depending upon the level of care involved2
As a result, employers are likely to look at ways to assist their workers who are impacted by the growing caregiving crisis.