Friday, September 24, 2010

Eldercare Issues in the Workplace

As more and more Baby Boomers struggle to balance full-time employment and the emotional and financial demands of caring for aging parents, the cost to employers is rising. According to MetLife, the average employee caregiver costs his or her employer $2100 per year in absenteeism, lost productivity and increased healthcare costs. That’s a total loss of $33 billion per year to U.S. businesses.

Unfortunately, the situation is predicted to get worse in the coming years. The Centers for Medicaid and Medicare Services report that the segment of the population most likely to need care (those over 85) is increasing rapidly, from 35 million today to 70 million in 2030. How will employers cope with the disruptions and costs of a growing workforce of employee caregivers? Here are some of the many innovative “eldercare friendly” policies and practices that companies are adopting to address the issue:
  • Flexible work arrangements including telecommuting, compressed work weeks and job sharing
  • Leave-sharing that allows employees to donate a portion of their leave time to others who have eldercare responsibilities
  • Caregiver Employee Resource Groups that enable employees to share resources and emotional support
  • Dependent Care Spending Accounts permitting employees to pay for adult daycare expenses with pre-tax dollars
  • Consultation on eldercare services and counseling on hospice and palliative care
Addressing issues of eldercare is a business imperative. Organizations that respond to employee needs will be rewarded with loyalty, engagement and productivity. Those that force employees to choose between caring for a loved one and devoting themselves to work will sacrifice both their bottom line and their ability to attract top talent in the future.

For more information and tips on recruiting, engaging and managing the different generations in your workplace, contact us at www.interchange-group.com.

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