HR Executive has named “support for families” one of the top three areas where they expect benefits to grow in 2023, alongside “a diversified financial wellness picture” and “compensation in context.”
Caregiving is an important and often overlooked aspect of life for many employees. Whether it’s caring for a child, an aging parent, or a spouse with a chronic illness, the demands of caregiving can be physically, emotionally, and financially draining. It’s no surprise, then, that caregivers often struggle to balance their work and caregiving responsibilities, leading to increased absenteeism, decreased productivity, and even mental health challenges.
Supporting your employees where they are in life is what will keep (or not keep) good talent. That’s why employers are now paying more attention to support options such as family caregiving benefits.
It’s become the new “must-have,” as this type of support truly saves lives and should certainly be part of your recruiting and retention strategies. By providing resources to caregivers, companies can help alleviate the burden of caregiving and create a more supportive, productive, and inclusive workplace for all.
Here’s what Jane Koehl, Chief Operating Officer at law firm Faegre Drinker, says about caregiving support:
“This has become our widest-used benefit in the firm… I probably have numerous emails in my inbox from people who have found their way to Homethrive…. I have emails that say ‘This has been a life-changer. I was at the end of my rope, but this was a life-changer.'”
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If you’re beginning the budgeting process for this year, you’re likely evaluating the success of your current benefit offerings, adjusting as needed, and exploring how to fill any gaps.
We highly recommend diving deeply into the advantages of offering a family caregiving benefit to your employees. Here are the key advantages you’ll see when you implement a caregiving benefit:
- Increased Employee Retention: When caregivers feel supported and able to manage their caregiving responsibilities, they’re less likely to leave their jobs in search of a more accommodating workplace. This can save companies the time, money, and resources that go into hiring and training new employees.
- Improving Productivity: In addition to retaining employees, offering caregiving benefits can also improve productivity and morale amongst caregivers. When caregivers feel overwhelmed and stressed, it can be difficult for them to focus on their work. By providing resources such as backup childcare, flexible scheduling, and time off for caregiving, companies can help caregivers manage their responsibilities and stay focused on their work. This can lead to increased productivity and a positive impact on overall company culture.
- Reducing Absenteeism: When caregivers are unable to find adequate care for their loved ones, they may need to take time off work to provide care themselves. This can lead to lost productivity and reduced efficiency. By offering resources such as in-office care, backup care, or help finding in-home care, companies can help caregivers avoid absenteeism and maintain their regular work schedule.
- Boosting the Bottom Line: Finally, offering caregiving benefits can also have a positive impact on a company’s bottom line. Implementing a caregiving benefit is surprisingly cost-effective! By retaining valued employees and reducing absenteeism, companies can save money on hiring and training costs. In addition, the increased productivity and morale of caregivers can lead to increased profits and a stronger bottom line.
Beyond these key advantages, we also urge you to look beyond the financial “ROI” of offering a caregiving benefit to your team. In fact, many of the employers we work with focus less on a traditional version of ROI, and more on the fact that offering much-needed support to caregivers is simply the right thing to do! They see the impact that caregiving support has on an employee-by-employee basis, and that it’s truly improving people’s lives daily.
Top employers across the country are already offering a family caregiving benefit, as they’re a win-win for both employees and employers. By supporting caregivers, companies can create a more inclusive and supportive workplace, improve retention and productivity, reduce absenteeism, and ultimately boost their bottom line. That’s why you, too, should consider a caregiving benefit for your team this year!
Learn more about our benefit here: https://www.homethrive.com/employers-and-adult-caregiving