Elder Care in the Workplace — Calculate Your Company’s Loss…Then Manage Your Company’s Risk

by Kevin K. Johnson, Certified Senior Advisor (CSA)®

From time-to-time, my research uncovers great perspectives that help illuminate the challenges associated with “Eldercare in the Workplace”. Dan Henry, Chief Human Resources Officer at Bright Horizons, ran the numbers on elder care as it relates to employers and their employees. In September of 2014 he stated the following.

adding up figures concept with modern white calculator in officeSome numbers just hit you over the head. This is how I felt when I read a Gallup poll the other day called the Cost of Caregiving to the U.S. Economy. The study breaks down the cost of elder care in this country. Here are two of the highlights:

  • One-in-six employed Americans are caring for an elder or disabled relative
  • Each of those people miss an average of 6.6 days each year

Thatƒ’s a pretty significant number all by itself. Then I started to do the math. In a company of 1000 people, one-in-six employees missing an average of 6.6 days annually add up to a loss of more than 1,000 days every year. Thatƒ’s 1000 employees who have elder care responsibilities x 6.6 missed workdays = 1,100 lost days.

Calculating Future Business Losses

That kind of time loss isnƒ’t just days — itƒ’s years. So if youƒ’re running a business with 1,000 people, youƒ’re paying literally the equivalent of three years in lost time every year because people have unsolved elder care challenges. And that was just in 2011. The U.S. Census Bureau says our population is aging, which means the number of people caring for aging relatives is only going to go up. Our own Modern Family Index tells us many employees are seeing elder care in their future.

Sobering Statistics for Employers

For employers, these are sobering statistics and proof that elder care is not just a personal problemƒ’itƒ’s a business problem. Like any other trend ƒ’ technology, demographic, scientific ƒ’ itƒ’s altering the business landscape. And smart employers are looking at it exactly that way ƒ’ pragmatically. Theyƒ’re saying to themselves that to preserve their bottom lines theyƒ’re going to have to approach it head on. Theyƒ’re leading a trend of programs that offer both guidance to employees about how to sift through all the options and also actual, tangible care.

The Importance of Solving for Elder Care

The other aspect to this equation that canƒ’t be ignored is the positive performance effect. Being ƒsandwichedƒ between generations is hard. Taking care ofRisk Management children and elder relatives is hard. Taking care of an elder relative and working is stunningly hard. People who get support from the people they work for (in this case, with elder care) are gratefulƒ and relieved. They pay their employers back not just by showing up, but by being great employees. Elder care responsibilities are a fact of life. Numbers donƒ’t lie. That one-in-six number says your company is going to be affected, no matter who you hire, where youƒ’re located, and what business youƒ’re in. Itƒ’s yet another reason conversations about working families are taking on such urgency. Families arenƒ’t only children. As Ellen Galinsky told NPR IN 2014, ƒ”We may choose to have children but we donƒ’t choose to have parents.ƒ” That makes addressing this challenge good business no matter how you look at it. Because itƒ’s a simple equation: solve for elder care, or watch literally years of hard work go down the drain.

Well said Dan! Helping businesses mitigate this risk is what we do here at Caring Concierge. We have been doing it for years and we’ve been able to assist companies large and small.

Determine Your Company’s ‘Sobering Statistics’

Take a moment to apply the ‘one-in-six’ formula above and you can get a feel for how your company is impacted with respect to employee missed workdays due to elder care issues. Then give us a call. Caring Concierge can help to greatly reduce your companies exposure and enable your employees to confidently and proactively address their elder care issues.

I wish each and every one of you a healthy and successful 2015!

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About Caring Concierge
Caring Concierge is a risk management company providing employers throughout northeast Ohio with solutions to address business productivity loss caused by employee lost time hours resulting from the crisis of adult caregiving. The Caring Concierge model provides these solutions at no cost to employers. One motivating issue that inspired the creation of Caring Concierge is the personal challenges I've faced juggling work and trying to manage eldercare issues associated with the care and well-being of my elder parents. My efforts in the eldercare issues also extend to volunteer service. I proudly serve as Chairman of the Board of Directors of Fairhill Partners (www.fairhilpartners.org), in Cleveland, OH., a non-profit organization focused on lifelong learning, intergenerational relationships, and successful aging. In addition to academic degrees in Mechanical Engineering (undergraduate) and Business Management (graduate), I have earned the professional designation of Certified Senior Advisor.

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