As the coronavirus pandemic impacts the economy, companies are searching for ways to reduce costs. While making greater investments in employee benefits may not be a high priority, now is the time for employers to invest in one specific benefit: caregiving.
Caregiver responsibilities can have a significant impact on employee mental health, and over 80% of employees say caregiving has affected their productivity at work, according to a Harvard Business Review survey. In addition, caregiver related absenteeism costs companies about $5.1 billion each year and can increase a company’s healthcare costs, according to the Family Caregiver Alliance, a caregiver resource group. As the coronavirus pandemic continues, this pressure on employees will only increase as they return to work and struggle to find adequate care.
