As we mentioned in our last blog post, companies that assist employees with their elder care responsibilities see not only happier employees, but also a more profitable bottom line. Why? Statistics show that:
- Nearly 75% of family caregivers have had to change jobs or stop working because of the demands of family caregiving
- Increased absenteeism and workday interruptions are reported, with an average of 166 lost hours of productivity per employee per year
- Employees are refusing relocation, work-related travel, overtime work or new assignments
- There is increased healthcare benefit utilization because often the caregivers end up more sick than the person for whom they are providing care
In short, lost productivity due to employees’ needs to address eldercare issues is estimated to cost U.S. businesses about $29 billion per year. Another national study reported that companies that don’t offer elder care benefits to employees stand to lose $2,500 a year per caregiving employee. Is it time to rethink your employee benefits plan?
By partnering with an in-home care agency like North River Home Care of Norwell, MA for home care services benefits, your employees can gain peace of mind that their loved ones are being well cared for while they are working, miss fewer days of work due to caregiving responsibilities, and be more productive while at work. However, the most valuable benefit of eldercare referrals will be your employee retention. This much needed assistance also serves as a great perk for attracting new employees who understand that family caregiving may also be in their future.