Why caregiving benefits should become a market norm

In a clear sign of how times are changing, as many as 73% of Americans are now saddled with some caregiving responsibility, and it's costing organizations each day they don't implement benefits to support this growing segment of the workplace. 

Many companies are behind the curve when it comes to adoption of caregiving benefits. Those that take too long to act will likely see their talent find a new employer to support this aspect of their lives or leave the workforce altogether.

Read more: 'There's a lot of guilt': The emotional burden of caregiving 

By 2034, adults older than age 65 will outnumber those who are younger than 18. In addition to caring for an aging parent, many employees support a child with a disability or partner with a chronic medical condition. It's critical to support those in dual roles, but also bear in mind that businesses will suffer without comprehensive caregiving benefit solutions to carry them into the future. Here's what benefit brokers should know to help their clients make informed decisions about caregiving options. 

Caregiving is deeply personal and complex, thus a blanket benefit offering (i.e., unlimited paid time off) will not resolve the source of the problem. Perks also don't compare and won't financially cover what's needed.

Caregivers often encounter unique situations that require extensive research and time. In a recent study, employee caregivers reported spending 20 hours or more a week on caregiving-related duties on top of their full-time job. Workers and retirees who are caregivers also spend $5,000 to $14,999 out of pocket.

Depending on the type of company and range of needs, common approaches to supporting caregivers might include counseling programs or mental health support, in-home care benefits, paid leave benefits, improved childcare support and a comprehensive family caregiving solution. 

Read more: How employers can support and empower caregivers at work

Given the complexity of caregiving responsibilities and no one-size-fits-all solution, a family caregiving platform that provides on-demand support coupled with one-on-one expert support can be a great option. This kind of personalized assistance helps employees save precious time and energy, as well as prioritize their own well-being so that they don't need to leave the workforce or face further financial and mental distress.

Employee caregivers play a vital role in today's workforce, even as they balance professional responsibilities with the demands of caring for loved ones. Recognizing and supporting these individuals and their families can significantly improve company culture. 

Investing in caregiving benefits not only helps employees directly involved but also contributes to a positive company atmosphere that shows a strong commitment to employees and their needs. 

Read more: Beyond paid leave: Upping the table stakes for caregiver and grief support 

With benefits in place, caregivers can have the flexibility they need to balance their responsibilities and bring their whole selves to work. Many caregivers may choose lower-paying roles or pass on a promotion because of at-home obligations. A lower salary not only costs caregivers now but also weighs on retirement earnings down the line.

As it stands, caregiving is the most common reason employees are leaving work right behind retirement. Thoughtful implementation of support benefits can offset employee loss to caregiving, boost retention, amplify hiring opportunities and increase employee morale over time. 

Caregiving will only become more complex as time goes on. This isn't a fad that disappears overnight, especially as the population ages and healthcare costs increase. Employers that prepare now will set themselves up for success in the future.

Read more: 3 ways to support sandwich-generation caregivers

It's the conversation to have with your clients and a path forward to show empathy for the critical issues that most employees will face at some point in their lifetime. 

COVID brought mental health benefits into the mainstream, and now it's time to take it a step further and see the big picture that Americans are facing today. Caregiving is all around us and it's time to invest in the care economy to ensure a sustainable future.