A Growing Epidemic
- According to the Society of Human Resource Management (SHRM), over 90% of companies surveyed expect an increase in the number of employees caring for elderly relatives.
- The percentage of adult children providing personal care or financial assistance to a parent has more than tripled over the past 15 years.
- This currently represents a 1/4 of adult children, mainly Baby Boomers.
How does this effect your company?
Recruitment, Retention and Training
- At any given time, more than 21% of the workforce is dealing with a caregiving situation.
- 33% of caregivers decrease the number of hours they work.
- 29% quit their job or retire early.
- 22% take a leave of absence.
- 20% change their job status or go part-time.
- 53% of caregivers admit that their job performance is negatively affected.
- 84% make care giving related phone calls during business hours.
- 68% arrive late or leave early.
- 67% take time off from work during the day,
Even when your employees are caring for someone not covered by your health plan, YOUR healthcare cost can go up.
- 75% of working caregivers report an adverse affect on their own health.
- 50% report 8 additional visits per year to a health care provider (for themselves) as a result of their care giving responsibilities.
- 22% report a significant impact on their own health.
- The total estimated cost to employers for full-time employees with intense caregiving responsibilities is $17.1 billion.
- The average cost per employee for those with intense caregiving responsibilities is $2,441.
- The total estimated cost to employers for all full-time, employed caregivers is $33.6 billion.
- Replacing employees:$6.6 billion.
- Workday interruption:$6.3 billion.
- Absenteeism:$5.1 billion
*Source: MetLife Mature Market Institute in conjunction with the National Alliance for Caregiving