This issue completes my discussion on the economic impact of caregiving on the economy. I’d appreciate any feedback that you have. (You can find Part 1 here.)
- The need for caregiving among those with serious medical conditions and the elderly encompasses nearly 51 million Americans; the economic impact accounting for time spent caregiving and its influence on the caregiver around work, absenteeism and productivity.
- The indirect effect that deteriorating caregiver health has on economic outcomes is the most substantial on the two impacts. The economic impact indirect economic totals nearly $221 billion.
- The direct economic impact from the need for caregiving is estimated at nearly $44 billion through the loss of more than 650,000 jobs and nearly 800,000 caregivers suffering from absenteeism issues at work. The overall economic impact of caregiving across the direct and indirect channels is estimated at $264 billion.
- Productivity loss while at work resulted in a total impact of 21%.
- Caregivers Health – Caregivers were found to HAVE worse health outcomes by 26%.
- 61% of caregivers are juggling caregiving and work.
What can employers do?
1 – Understand caregiving
2 – Don’t assume
- 54% of caregivers are between 25 and 54 years old
- 48% are women
- 52% are men
- 40% are the adult child of the care recipient
3 – Communication is key – employer might not know that a person is a caregiver – get to know your employees
4 – Be flexible
- Flexible scheduling
- Plan for disruption
- Set clear expectations
- Reassure your employees
- Offer Guidance – Webinars; Links to information or support groups
5 – Adopt a policy of valuing caregiving employees based on job performance rather than holding them to outdated assumptions that they are not committed to their job.
A Gallup poll suggests that employers should provide:
- An employee assistance plan to promote discussions about emotional distress experienced by a caregiver
- Access to health counselors or “ask a nurse” for information
- Access to patient advocacy coaches
If you know of a company or business that is interested in employee recruitment and retention I’d appreciate a referral to explore ways that I can support them.
Are you a member of a professional organization? I’m eager to talk with professional organizations also. I’m speaking to the Society of Human Resource Professionals here in Pensacola in June. I spoke to a Kiwanis Club recently also.
Tell me, how can I support YOU?