As the U.S. population continues to live longer and longer, more and more people are helping aging parents (or other family members) to help find specialized housing that will meet their unique needs. You probably have several employees wrestling with this problem already, depending on the size of your workforce. In fact, there may be more of them than you know.
Workplaces today offer flexible hours and support for new parents. Yet, another set of employees are working moms and dads who are also sons and daughters of aging parents. Baby Boomers are starting to retire and their children are taking on caregiving roles-most often while supporting their own families and working full-time. About 40 million Americans aged 40-59 are helping at least one parent with tasks of daily living, according to a Pew Research study. About half of these adults are also supporting a child of their own at the same time. Companies are beginning to offer more benefits for eldercare and more employees will need caregiving support as the trend continues.
As the emotion and financial burdens weigh on the caregivers, their work performance suffers. Most caregivers have jobs and make workplace adjustments like leaving early to take a parent to the doctor. These hiatuses, however brief take a toll on workers’ emotional and professional lives and they come with a hefty price tag. A research report states, that business lose an estimated $33.4 billion annually in lost productivity from full-time working caregivers. The estimated additional health costs to employers are 8% more for those with eldercare responsibilities and employees providing eldercare were more likely to report fair or poor health and are more likely to report depression, diabetes, hypertension or pulmonary disease.
What Forward-Thinking Companies are Doing
Studies have shown that implementation of eldercare programs can benefit both employers and employees. Eldercare benefits improve worker retention, productivity, stress levels and health among workers. While there are no laws governing how employers handle eldercare benefits, many forward-thinking company leaders are supporting their caregiving employees and implementing low-cost, no-cost strategies
If your employees have aging relatives who need a place to live where they’ll have more care and support than they have now, let’s talk. Call us at 385-422-2500. By offering our free services as an employee benefit, you’re providing a valuable service, and one that also contributes to your commitment to be a family-friendly company to work for.
Oasis Senior Advisors is a free service connecting families and seniors with the housing and care options they need—from help with aging in place to short-term transitional housing to a full-time senior living community.
Give your employees a family-friendly benefit at no cost to either of you. Call Oasis Senior Advisors today for a free consultation. 385-422-2500.