For the past few years, family caregiving benefits have been a well-kept secret. They're the kind of perks companies don't fuss over in press releases or shout from their rooftops during employee orientations. And yet, they can be some of the most effective tools for helping employees maintain productivity at work and peace of mind at home.1. Restoring Retention
The first reason your business should provide a family caregiving benefit is it will help you retain employees. When an employee has the option to access the support they need, when they need it, they’re less likely to leave their job. They’re also more focused and productive at work. As an employer, supporting your employees through important and challenging times can foster a sense of company loyalty. In addition, offering this benefit will position you as an employer who cares about its workers' wellbeing on all levels—which is a fantastic way to retain top employees.
2. Revving Up Recruitment
If you're like most business owners, you want to attract the best employees possible. You may even consider your employees your most valuable asset. Granting employees access to a family caregiving benefit is one way to excel at recruiting, because it allows your company to appeal to candidates who value family, compassion, and a sense of community in their next company.3. Improving Employee Well-Being
Caregiving can be a time-consuming and emotionally draining responsibility. A family caregiving benefit helps take some of this burden off your employees. Through time savings and personalized support, your employees can spend quality time with their friends & families, rather than spending 20+ hours/week caring for a loved one.
Happy and supported employees are loyal and productive—both of which improve your bottom line. If you want your workers to be happier, healthier, and more loyal (and who doesn't?), offering a family caregiving benefit is an excellent way of achieving this goal.4. Increasing Productivity
Time is money. And caregiving can take up a lot of time. For example, one of your employees may be spending an hour on the phone per day talking to their aging parent. Another is leaving work early to take their child with special needs to a therapy appointment.
Regardless of the caregiving task, this takes time away from the workday, decreases productivity, and places undue stress upon your employees. By offering a family caregiving benefit, your employees and their loved ones will receive higher quality support when it matters most, and your business’ productivity will keep on growing.5. Revolutionizing Work-Life Balance
A family caregiving benefit can drastically improve work-life balance. For many employees, their mindset has even shifted towards a “life-work tilt.” Quality time with family, the opportunity to explore passions outside of work, and overall mental well-being are beginning to trump career advancement, raises, and professional praise.
Leaning into this “life-work tilt” concept may prove to be beneficial for your organization. By proactively acknowledging the needs and responsibilities of family caregivers and offering tangible support, you can set your organization apart. As a result, when your employees find a better balance between work and life, they can focus better, be more productive, and stay loyal to your company.6. Protecting Your Bottom Line
All the aforementioned factors can financially impact your organization. Unchecked turnover rates and talent recruitment are extremely costly, not just in dollars, but also in lost institutional knowledge and decreased team morale. Productivity loss stunts innovation and growth, preventing your company from reaching its full potential.
Additionally, when your employees aren’t taking care of themselves as they care for a loved one, mental and physical health issues such as depression, anxiety, and exhaustion can creep in, inflating your company’s healthcare costs. Thus, while offering a family caregiving benefit may be an investment, it’s one that can have a significant impact on your bottom line.
It's a win for companies and employees alike
Family caregiving benefits are a win-win-win. It’s a win for the company because it helps improve employee well-being, retention, and productivity, all while protecting your bottom line.
It’s a win for employees because it helps support work-life balance, mental health, and job satisfaction.
And it’s even a win for the world at large: when workers receive the support they need to care for their loved one(s), they’re no longer forced to choose between their career and doing what they believe is right by their loved ones.
Taking the next step
Now that we’ve outlined the benefits of providing a family caregiving benefit, it’s time to get started.
Click here to learn more about bringing a family caregiving benefit, such as Dari by Homethrive, to your company.