It’s not secret that older adults prefer to age in place in the comfort of home. This means that the need for eldercare assistance is growing. National studies are reporting that:
- A little over one out of every four households (29%) is involved in providing care for a chronically ill, disabled or aged family member or friend.
- Just over half of all caregivers for persons aged 50 and over are employed full time.
- On average, family caregivers are providing 20 hours or more of care per week.
On top of all of this, the need for family caregivers increases each year. The population of people over 65 years is expected to increase at a 2.3% rate, but the number of family members available to care for them will only increase at a 0.8% rate.
How do these statistics affect your company?
- Nearly 75% of family caregivers have had to change jobs or stop working because of the demands of family caregiving.
- Increased absenteeism and workday interruptions are reported, with an average of 166 lost hours of productivity per employee per year.
- Employees are refusing relocation, work-related travel, overtime work or new assignments.
- There is increased healthcare benefit utilization because often the caregivers end up more sick than the person for whom they are providing care.
In the end, lost productivity due to employees’ needs to address eldercare issues is estimated to cost U.S. businesses about $29 billion per year. Another national study reported that companies without eldercare benefits stand to lose $2,500 a year per caregiving employee.
So what can you do?
Partnering with an in-home care agency such as Live Free Home Health Care, a trusted provider of care services in Bristol and surrounding areas, for eldercare referrals and education on eldercare related topics can put a wedge in the revolving door of lost and unproductive employees. With respite care, resource information and emotional support, employee retention and job satisfaction will increase along with your company’s bottom line.