With turnover rates on the rise, companies across all industries are looking for ways to attract and retain top talent.
More and more employers are recognizing that having a strong well-being strategy in place goes beyond being the right thing to do: it provides a financial benefit to your company and that builds a better culture and a more successful business. When your organization offers caregiving support, you're not just looking at a potential return on investment; you’re creating an environment that supports your employees who may be facing some of life's most trying and personal challenges. Employers of the future recognize that it’s their responsibility to help employee alleviate that burden.
While it may be difficult to measure the financial ROI of well-being benefits, the value you generate for your company is beyond measurement and an immense impact through the stories of individual employees whose lives have been meaningfully changed for the better by accessing these resources.
Additionally, knowing that their employer has their back during hard times strengthens the bond between employees and the organization they work for, making them more likely to stick around and work towards organizational goals.
How Do Caregiving Benefits Promote Well-being?
A caregiving benefit helps employees manage the responsibilities associated with navigating the healthcare system and providing physical, emotional, or financial assistance to family members, including children and loved ones with special needs, chronic illnesses, or other short or long-term care needs.
By offering life-saving benefits such as this, employers are sending a message they value their employees' well-being and recognize them as valuable assets to the organization.
What "ROI” Can You Expect From a Caregiving Benefit?
Offering caregiving support is an investment that helps create a Culture of Care where members feel valued and supported by each other - something that goes beyond any financial metric.
Some of the key benefits of providing caregiving benefits include:
- Increased employee engagement, satisfaction, and loyalty
- Lower employee turnover rates
- Increased focus, productivity, and growth
- Reduced absenteeism and improved morale among staff members
- Established public reputation as an employer who values its people
Discovering The Real Impact of Caregiving Benefits: The Individual Stories
The most powerful way to gauge the real impact of caregiving benefits is to hear from employees and employers themselves. Personal stories of how employees have benefited from providing caregiving benefits can help illustrate the tangible and intangible value this support offers.
Business leaders should consider leveraging employee surveys, along with focus groups, interviews, and even case studies, to understand the individual stories behind their caregiving benefit offerings. This can help provide insight into the true, long-term effects that this type of program has on productivity, staff morale, and more. Moreover, it will help identify potential employee needs and be a catalyst for developing benefits strategies moving forward.
Caring for your team isn't always easy, but it pays off in the end - both financially and culturally. When it comes to supporting your employees through challenging times, providing well-being benefits is simply the right thing to do.
By providing caregiving support benefits, you can help your employees balance the demands of work and caregiving and ultimately, create a more supportive and successful workplace for all. To learn more about the struggles caregivers within your organization are facing, check out the results of our recent survey. To receive insights delivered straight to your inbox, sign up for our weekly newsletter!