Did you know that 42% of employed Americans (more than 54 million people) have provided eldercare in the last 5 years? Or that 69% of working caregivers had to rearrange their work schedule, decrease hours, or take a leave because of these responsibilities? Or that the estimated cost of caregiving in terms of lost productivity hours is a whopping $33 billion each year?
Yes, caregiving is a big issue for today’s employer—so big, in fact, that it may seem like many of your employees are working a second full-time job! After all, the time, energy, and resources employees devote to caregiving are substantial. And, considering the massive Baby Boomer generation will soon be in need of caregiving, this is an issue that’s bound to get a lot bigger soon.
“An employer’s workforce can only be so effective when so much of their time, energy, and resources have to be dedicated to caring for a loved one. Employees need help and employers need a solution because it’s affecting their businesses in ways they sometimes don’t even realize,” says ACSIA Partners’ Denise Gott, who is on the forefront of this issue and has seen the impact of caregiving firsthand with her clients.
One of those “hidden” areas caregiving is impacting is recruiting and retention.
In fact, I see caregiving impacting employers in three big ways when it comes to employee retention and recruiting:
Employee High-Performers Suddenly Start to Underperform
Some employees who have primary caregiving responsibilities may be among your most high-performing employees. But, due to the many duties of caregiving, these employees’ performance may begin to slip—drastically. It’s no surprise, really—not when you consider the heavy toll caregiving can put on someone. Some employees are even compelled to “sneak away” during the day to care for loved ones. Again, these people are essentially working two full-time jobs. And in many cases, one of those jobs is bound to take a back seat. And, it’s usually not going to be the job taking care of a loved one.
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