Caregiving was shown to reduce employee work productivity by 18.5% and increase the likelihood of employees leaving the workplace. About half (49%) of the U.S. workforce expects to be providing eldercare in the coming five years. Nearly seven in ten (68 percent) caregivers report making work accommodations because of caregiving. These adjustments include arriving late/leaving early or taking time off, cutting back on work hours, changing jobs, or stopping work entirely.
U.S. businesses lose up to an estimated $33.6 billion per year in lost productivity from full-time working caregivers. Costs associated with replacing employees, absenteeism, workday distractions, supervisory time, and reductions in hours from full-time to part-time, all take a toll. The average annual cost to employers per full-time working caregiver is $2,110.20 (AARP, 2011).
Research also shows a link between working caregivers with eldercare responsibilities and their health care costs. Employers paid about 8% more for the health care of caregiver employees compared to noncaregivers, potentially costing U.S. businesses $13.4 billion per year.
Agingcare.io offers custom corporate plans for employers who want to extend the benefit of aging care management to their employees. Our corporate wellness packages save businesses a lot of money, and result in increased productivity, increased employee engagement, and increased loyalty.