Employees are a company’s best assets!
We’re living longer and most of us plan to retire in our own homes. Aside from the anticipated “brain drain” as Baby Boomers retire, what other impact does this trend have on employers?
The costs associated with employee caregiving are rising and will continue.
The numbers substantiate the trends—
The rising annual cost to employers associated with workers with aging parents—
- Absenteeism: $397 million
- Partial absenteeism $488 million
- Workday interruptions: $3.7 billion
- Eldercare crises: $1 billion
Costs associated with supervising caregivers— $805 million
Annual replacement costs for employees who leave:— $4.9 billion
- Lost productivity: 11.4 to $29 billion
Source: Metropolitan Life Insurance Company
The MetLife study of employer costs for working caregivers.
CORPORATE CAREGIVING SOLUTIONS (CCS)
It is a preference by our government and most families to retire in one’s own home. This trend places enormous burden on families and employers of family caregivers who are still working. Exceptional employers provide supportive services to those workers with homecare responsibilities, (“working caregivers”).
My comprehensive program, CCS, includes a variety of services and resources for working caregivers. Studies have shown that the employer also benefits from such support with lower related costs (see above).