Any human resource manager or business owner can discover evidence that eldercare has an impact on the workplace. In fact, a Metlife Foundation study concluded that the total estimated cost to US employers of all full time employed caregivers is thirty-three billion dollars annually.
Here is how the numbers look per employee per year; $413 for replacing an employee, $320 for absenteeism, $121 for partial absenteeism, $394 for work day interruptions, $238 for elder care crisis, $113 for supervisor time, $212 for unpaid leave, and $299 for going from full time work to part time work. Progressive employers listen to these type of research facts and decide to invest in an elder care work place program or a work life program for several reason including; it’s a way to enhance recruitment and retention, to improve morale, to be considered a family friendly company to work for and to improve the bottom line.
When you do the math, the answer is yes.
Yes, eldercare workplace programs provide a good return on investment. Even the most basic program that offer supports (a platform for finding and connecting with care providers, an avenue to ask questions, and a community that offers education and cost saving strategies) will begin to reduce cost and increase productivity. The following four questions will help an employer to evaluate the potential return on investment on an eldercare workplace program;
- What is the dollar value of preventing the replacement of one employee who had to take another position of resign because of the demands of family caregiving?
- What is the cost associated with family leave utilization? If a caregiving employee had a way to plan for care and a system for handling caregiving emergencies, the need for family leave would be less frequent and less costly for the employer.
- What is the value of reducing health care claims? Research is showing that the average family caregiver is chronically ill partly because of the stress associated with caregiving.
- What is the value of saving an executive a day? One of the benefits of having a workplace program is the personal experience of management. When an executive is involved personally in a caregiving situation, he/she understands the demands and realizes the impact on the entire organization.
Employers do not need to spend a lot of money to begin providing meaningful support to employees who are dealing with caregiving demands. The Elder Care and Caregiving Network provides a small grant to establish a simple elder care workplace program to small and midsize companies. For more information and to inquire if your company qualifies for the elder care work place grant, please email Stella@StellaNsong.com or call 855-942-9933.
