A recent poll from LifeCare, a provider of work-life employee benefits, reveals how the majority of single women who belong to the sandwich generation of caregivers (those caring for children and elders simultaneously) are most challenged by two issues: balancing the needs of their loved ones and coping with the overall stress of caregiving. Don't bother with the hassle of doing a similar poll of men - trust me, the results will be the same.
When speaking to employers about how the aging workforce will impact them, most talk about attrition and the challenges of replacing the retiring boomers (although given the stock market performance, I think many boomers will extend their careers by a few years).
However, perhaps a greater threat to employers are the costs of dealing with employee stress due to caregiving.
Consider these facts:
- Family caregivers experiencing extreme stress have been shown to age prematurely. This level of stress can take as much as 10 years off a family caregiver's life. - Source: Arno, Peter S., Economic Value of Informal Caregiving.
- American businesses can lose as much as $34 billion each year due to employees need to care for loved ones 50 years of age and older. - Source: Metlife Mature Market Institutes.
- 44.4 million caregivers (or one out of every five households ) are involved in caregiving to persons aged 18 or over. - Source: National Alliance for Caregiving and AARP.
For these reasons, expect a surge in the popularity of workplace programs (employee benefits) that help employees not only cope with stress (Employee Assistance Programs) but also deal with the complexities of caring for aging loved ones (Work-Life Counseling, Resource and Referral Programs).
These are inexpensive employee benefits ($10 - $20 per employee per year) that deliver a huge value to both employees and employers.
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