This article was originally published by the Boston Business Journal.
More than 20% of working Americans balance their job and caring for a loved one. It’s heroic, and these employees tend to be top performers. But it takes a toll.
Studies show that people balancing work and caregiving are at higher risk for serious illness and are more likely to take leaves of absence or leave the workforce, costing employers billions. Businesses must act to support these top employees.
Take Susan, for example, a 36-year-old high-performing executive with Type 1 diabetes. Despite the balancing act of a high-demanding job, she cares for her young child and her aging grandmother. Her busy professional life, colliding with her responsibilities at home, has her less focused than usual on managing her blood sugar. She doesn’t realize she’s at risk for a health crisis. Susan ends up hospitalized for three days, and her time out of work costs her employer thousands of dollars in medical expenses. While out of work, she gets behind on her tasks and comes back to a situation where she’s playing catch-up, struggling to keep her head above water. The result? Susan takes a three-month leave of absence.
Stories like Susan’s are increasingly common, and they can be avoided with the right kind of support. The solutions are there, but employers have to embrace them and consider Susan’s — and other’s — personal and family health challenges, a critical blocker to successful employees and ultimately successful businesses.
To combat this increasingly worrisome and costly trend there are three proven strategies companies can use to support their workforce, while protecting their bottom line.
First, employee resource groups, which make it possible for employees to connect with other employees facing the same kinds of challenges. At their best, these programs provide curated content, conversation and camaraderie, each of which help employees feel less isolated and have access to valuable tools to help manage caregiving responsibilities.
Second, expert caregiving support. While caregiving can be a complicated process and emotionally taxing problem, having an expertly trained professional guide your employees through these challenges is invaluable. Companies like Family First offer a benefit that gives employees access to accredited experts to help them manage their caregiving challenges. These experts also focus on the employee’s own health and well-being, reducing the risk that the caregiver will get burned out, or become seriously ill. Recently, we conducted a study that demonstrated the average medical cost savings of $3,300 per caregiving employee per year from such support.
Finally, and most critically, look at benefits holistically. Companies should make sure all of their healthcare benefit programs recognize that caregiving doesn’t happen in a silo. For example, it is very common for caregivers to face mental health challenges. Companies must make sure that caregiving support programs connect seamlessly with mental health support programs, in order to maximize the use of both.
The world keeps talking about the “silver tsunami” as something to be aware of. It’s already here and quickly sweeping its way across the globe. As a result, the health and well-being of people balancing work and caregiving is increasingly driving business costs upwards. Employers that approach this issue strategically as revenue generation, and those who act to support those employees will position themselves as an attractive company for top performers–saving billions of dollars to their bottom lines.
The time to act, not talk, is now.
By Evan Falchuk, CEO, Family First
