Your top employees are responsible for winning important clients and cases. At the same time, they’re likely juggling caring for a loved one back at home, whether that be an aging parent, a child with special needs, or a spouse with chronic illness. It’s nearly impossible to balance both. A burnout crisis due to the stress, work, and worry of family caregiving is not just on the horizon – it's likely already affecting your organization.
Data shows that 1 in 5 full-time employees doubles as a caregiver, providing support on a regular basis for a loved one who is aging or has a serious illness, developmental disorder, or disability. Unfortunately, many caregivers who are juggling family responsibilities and career are forced to go to part-time status or quit altogether.
The impacts on your organization are real and growing. In fact, Harvard Business School research states that 80% of workers with caregiving responsibilities say their productivity is affected, plus nearly 1 in 3 employees have voluntarily left their employer due to caregiving responsibilities. For firms like yours, this financial impact is material, often resulting in millions of dollars in annual productivity and turnover losses across your company.
Additionally, caregiving responsibilities are not distributed equally amongst the workforce: 61% of caregivers are women and female caregivers are three times more likely than male caregivers to quit their jobs or retire early. Thus, supporting family caregivers throughout your organization can be a successful strategy to improve your DEI efforts, retain female professionals, and maintain a rich and diverse company culture.
Implementing a caregiving benefit in your firm can have a huge impact on productivity, turnover rates, and employee well-being. Check out our recent case study to get the inside scoop on how one of our professional services clients saw impactful results when they began offering a caregiving solution to their team.