Changing demographics coupled with substantial increases in healthcare cost have put increased strains on workers and the organizations that employ them. Unfortunately, many companies still have not embraced the full scope of impacts caused by Baby Boomers requiring “eldercare” from their employees.
The most recent comprehensive study (completed in 2018) concluded that 1-in-5 workers (aged 25+) is a caregiver to an aging loved one. Organizations MUST be impacted when so many of their workers are struggling. Because of a perceived (or real) lack of organizational support many workers don’t inform managers-or the organization-of their struggles.
By not providing benefit packages with appropriate offerings or by not encouraging employees to use the benefits when they do exist companies incur millions of dollars of hidden costs in the form of:
- substantial productivity decreases
- employee turnover,
- loss of institutional knowledge (brain drain),
- increased managerial challenges
- increased HR involvement
- decreased employee engagement
- increased absenteeism
- increased litigation expenses (companies lose 76% of litigations)
Incredibly, what’s mentioned here are only some of the problems organizations currently face do to employee eldercare issues.
There is however some good news in the form of proven solutions and mitigations to many of these challenges. Invest four (4) minutes in the video below to see how you can potentially save millions every year. The video speaks to:
- Reducing Organizational Health Care Expenses
- Increasing Productivity & Efficiency
- Improving Employee Morale
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