According to a Harvard Business School report released last month
American companies are facing a caregiving crisis — they just refuse to acknowledge it. … Many employers remain strangely unaware of the magnitude and impact of the changing demographics of care and their economic consequences.
Authors of the Harvard Business School report, titled “The Caring Company,” concur with previous studies showing substantial losses to U.S. businesses due to the “significant impact” caregiving has on employee productivity and the turnover cost of employees who voluntarily leave their positions due to caregiving responsibilities. (I have discussed these earlier studies in my blog posts and other materials.) Although parenting responsibilities are the top reasons employees cite for leaving, one-third of employees who left reported caring for an elder with daily living needs as a reason for their departure. The HBS report added a new finding to the discussion: higher-titled and more responsible employees are most likely to leave on account of caregiving responsibilities, and they are the most expensive to replace.
The report recommends that employers “view the issue of caregiving through the lens of talent management, rather than exclusively as another potential expensive benefit.” Ultimately, the authors predict
Smart employers will seize the opportunity to gain an advantage in the increasingly ferocious war to recruit and retain talent through a deliberate strategy to become a corporate care leader.
Square One offers programs that cover these key topics in caregiving to jumpstart your workplace caregiver support program:
- Finding and accessing caregiving resources
- Planning to reduce the impact of elder care and health care events
- Postponing the need for caregiving by extending elders’ independence
- Managing health care for ourselves and others
Call 805.594.1671 or email SquareOneAdvocacy@gmail.com to learn more.