Aker Kasten Blog

Caregiver Stress Affecting Productivity & Profitability in Boca Raton Businesses

by: John Aker | June 26th, 2016

 

Boca Raton BusinessesBoca Raton companies are always concerned about the well-being of their employees. Many offer wellness coaches, gym facilities, stress management tactics and more. However, there is a silent undercurrent of stress for many employees that companies are likely unaware of that could be affecting performance and ultimately, the bottom line.

This silent stressor centers around the “sandwiched” employees: those that have their own nuclear family to care for and are also now in charge of an aging relative. Currently over 1 out of 4 households 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, while simultaneously providing 20 hours or more of care per week.

Employed caregivers are more likely to miss work or come in late/leave early, experience a loss in productivity, take unpaid leave of absences or use personal or sick days to provide care, and are two to three times more likely to develop depression. All of these factors cut into morale and productivity in the workplace.

By recognizing the signs and symptoms of stress in an employee who is also caregiving for a senior or disabled person, steps can be taken to assist through a respite care benefits program or home care referral.

 

Why It Matters

According to MetLife, family members needing to care for loved ones 50 years or older cost American businesses as much as $29 billion each year. Another national study reported that companies without eldercare benefits stand to lose $2,500 a year per caregiving employee. Some evidence shows that:

  • Each caregiver loses on average 166 hours of productivity due to absenteeism and interruptions.
  • 20% of the caregiving employees will quit their jobs to provide care full-time.

The financial impact of all these factors combines to staggering dollar amounts. For example, a Boca Raton area company that employs 500 people loses over $1.8 million each year to unmanaged eldercare – equal to about 15% of their salary budget. Bottom line, family caregivers need help, and more and more companies are looking to provide it.

 

Employer ROI

For any Boca Raton company to create a new program, there needs to be a business case for it. Will helping employees stressed with caregiving benefit the company? The answer is yes. The most valuable return on investment for an eldercare program is employee retention. The time, money and valuable expertise that are lost when employees leave is far more costly. Benefits typically offered include:

  • Work time flexibility
  • Financial assistance
  • Phone- or Internet-based resources and referrals
  • Face-to-face consulting
  • Educational activities like on-site seminars and health fair kiosks

 

Web Resources for Family Caregivers in the Workplace:

Aker Kasten Home Health Care works with many Boca Raton area companies to assist in advising family caregivers. We have compiled the following list of resources for employers to begin the process of learning about the benefits of eldercare programs or referrals.

With the graying of the Boomer generation, these trends pose an urgent need for Boca Raton businesses to plan for the needs of their working family caregivers. A strong support network is always going to be the greatest protection against stress. Through an eldercare benefits or referral program, businesses can help alleviate some of the responsibilities and pressures of family caregiving.

For further information about our eldercare resources and respite care programs, please contact us today!

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