As employers reimagine the workplace of tomorrow, a new trend is emerging: Employers realize the value in stepping up their commitment to support employee caregivers. The past year and a half has helped unmask the subtle yet powerful drain in productivity due to employees who are silently struggling to balance their work responsibilities while caring for children and aging or disabled family members.
In fact, according to the National Alliance for Caregiving, one in five Americans (equaling over 53 million people) provide ongoing care for children and aging adults. That equates to approximately 45% of the workforce. Nearly half of those surveyed reported feeling they have no choice about taking on these responsibilities. These numbers are only expected to grow—making caregiving a critical workplace issue.
Whether it’s providing transportation to medical appointments, grocery shopping, managing finances, paying bills, or other hands-on responsibilities, employees who have caregiving responsibilities are more likely to experience:
Going above and beyond by taking care of employees who are caregivers will be one of the key ways employers increase employee engagement, boost productivity, and stand out from competitors in the current war for talent.
Like most programs, there isn’t a one-size-fits-all approach to supporting employee caregivers at work. Understanding the unique needs of caregivers in your workforce will reveal opportunities for you to implement programs and policies that provide the most relevant support.
In addition to the common foundational caregiver benefits, such as Dependent Care Flexible Spending Accounts (FSAs) and Employee Assistance Plans (EAPs), consider adding some of these emerging benefits that are growing in popularity:
Establishing benefits and resources are only helpful if your employees know they are available. Be sure to create a comprehensive awareness-building campaign to ensure the word gets out. One great way to spread the word is through showcasing employee testimonials. Whether it’s promoting new benefits, sharing links to community services, or connecting employees with other resources, encouraging your employees to access available resources can help them in their caregiving role and ultimately enable them to perform better at work.
When valuable employees lose valuable time caregiving, everyone is impacted. With a small investment, your company can reinforce your commitment to caregiving employees and their physical and mental health. Taking these steps also helps you create an inclusive work environment where employees can refocus on work knowing that they have the support they need to help their loved ones.
If employers want to retain top-end talent and high performers, then dedicating more attention to the employee caregiver is a must. To learn more about the potential benefits and resources available, contact LoVasco.
This article is for educational purposes only. The tax and legal references attached herein are designed to provide accurate and authoritative information with regard to the subject matter covered and are provided with the understanding that LoVasco Consulting Group is not engaged in rendering tax or legal services. If tax or legal advice is required, you should consult your accountant or attorney. LoVasco Consulting Group does not replace those advisors.
Securities and Investment Advisory Services offered through M Holdings Securities, Inc., a registered broker dealer and Investment Advisor, member FINRA / SIPC. LoVasco Consulting Group is independently owned and operated.
Return to Insights Page
LoVasco Consulting Group and their agents are presently licensed to sell traditional life insurance in Michigan as a resident producer and numerous other states as a nonresident producer. This site is not intended as an offer to sell securities, which may be done only after proper delivery of a prospectus and a client suitability review. Proper state registration is mandatory prior to conducting business in any state. Securities and Investment Advisory Services offered through M Holdings Securities, Inc., a registered broker dealer and Investment Advisor, member FINRA / SIPC. Check the background of this Firm and/or investment professional on FINRA's BrokerCheck. LoVasco Consulting Group is owned and operated independently from M Holdings Securities, Inc. LoVasco Consulting Group is a member of M Financial Group. Please click here for further details regarding this relationship.