Cost to Business
Employees are among a company’s most valuable assets. So what happens when their spouses, parents, grandparents or other family members require long-term care? Will the demands associated with that care detract from their work performance? Will they have the means to pay their loved ones long-term care? Will they need to cut back on work time, take a leave of absence, or opt for early retirement to provide that care themselves?
Lost Productivity
Productivity suffers when employees become working caregivers. According to studies by MetLife and Genworth, these losses cost businesses an estimated $33 billion annually.
Included in those figures are:
- Increased costs covering employees who arrive late and leave early, take a leave of absence, retire early, or struggle to balance their care giving and job responsibilities.
- The costs of recruiting and training new employees
Increased Utilization of Health Insurance
A recent study by MetLife involving a large multi-national employer showed that 12 percent of their employees were providing care to a friend or loved one. Employees who provide care report more stress and are significantly more likely to report depression, diabetes, hypertension, or pulmonary disease. The problem is more pronounced for female employees since women provide the vast majority of care. On average, working caregivers consumed 8 percent more healthcare services than their non-caregiving counterparts—at an estimated cost of $13 billion annually.
