A silent pandemic that CEOs need to pay attention to

Imagine having to manage a full-time job while also being responsible for the health and well-being of a loved one. According to a Harvard Business School report titled “The Caring Company,” this is the reality for many workers, as nearly 3 in 4 employees (73%) report having various caregiving responsibilities. In the United States alone, by 2030, the CDC estimates that 73 million people will be 65 or older. As this population grows, the need for caregivers will also increase exponentially.

The caregiving role is often emotionally, physically, psychologically and financially stressful. The Anxiety and Depression Association of America (ADAA) reports that about 38% of caregivers find their situation extremely stressful. A study by the National Alliance for Caregiving and AARP reveals a surprising fact: Nearly one in four American caregivers said caring for a loved one has made their health worse. These demands and stressors do not exist in isolation, as many caregivers still must balance their full-time jobs.

Care and the workplace

Due to America’s demographics, every business will be affected by the various residual effects of care and the rapidly aging population. Both the employee and the employer feel the impact of caregiving. The Family Caregiver Alliance shares the following:

• More than half of employed caregivers work full time.
• 70% of working carers suffer from work-related difficulties due to their dual role.
• 49% of caregivers feel they have no choice in their decision to assume their caregiving responsibilities.

In a 2021 survey by the Rosalynn Carter Institute for Caregivers, 40% of caregivers cut hours to support a loved one, and nearly one in five left their job. Caregivers experience loneliness, feelings of being trapped, and increased distraction in their daily lives. As a result, caregiving reduces employee productivity and increases turnover, as reported in the journal Value of Health.

For employers, the Family Caregiver Alliance shares and provides various statistics on the organizational effects of employee caregiving:

• Only 56% of caregivers informed their manager of their caring responsibilities.
• Absenteeism in healthcare costs the U.S. economy an estimated $25.2 billion in lost productivity.
• Employee productivity has been found to be reduced by up to 18.5% due to caregiving.

Addressing the care crisis and expected increase in demand will require a multifaceted approach and nuances, because the type of care people provide and their situations are unique. However, for businesses, focusing on this issue will benefit team members who are currently caregivers and serve as a long-term differentiator in the war for talent. Here are two options for improving your employee care delivery strategy:

Eliminate invisible stigma and provide job assurance

One of the biggest challenges in caregiving and work is communication and trust between employees and employers. CEOs need to cultivate an environment where employees feel valued and understood without fear of being penalized for their caregiving status. In a Harvard Business School report, caregiver employees described their unique situation:

• Fifty-nine percent of them said they were perceived as less engaged in their careers.
• Fifty-five percent said they were less likely to progress as quickly as their peers, even all else being equal.
• Forty-seven percent said caregiving affected their job performance all or most of the time.
• Thirty-two percent admitted to leaving jobs that didn’t fit their particular life situation.

It is essential to understand the needs of caregivers while keeping in mind that their situation is dynamic. It is essential to build trust by showing empathy and ensuring employees feel heard without fear of repercussions.

Providing comprehensive wellness support and resources

Most caregivers strive to support their loved ones while excelling at their jobs. Unfortunately, their well-being is often neglected. Organizations must remember that caregiving involves emotional, physical and mental challenges.

As more companies offer flexible work arrangements, the 2024 Employee Leave Trends Report shows a steady increase in the number of employees needing time off to provide care. Most companies offer scheduled time off, but caregiving is often unpredictable, leading to unplanned absences. In this report, caregivers needed leave primarily for two reasons: time and support. And 71% of caregivers said meeting their care needs would have helped avoid or reduce time away from work. Businesses can provide relief and support for the mental and emotional well-being of their employees by:

• Grant free time with job security intact.
• Provide financial resources and welfare relief.
• Offer personalized health solutions, including best-in-class exams and assessments.
• Help with the logistics of finding medical care for their loved ones.
• Building a community and social support network for healthcare workers.

There is no one-size-fits-all solution for healthcare workers, as caregiving takes on many identities and every organization is different. However, businesses need to take care seriously because it is not an if but a certainty. With an aging population, more employees will need to juggle their careers and caregiving responsibilities. Addressing caregiving is not just a societal issue; This is an organizational issue that CEOs need to consider, as it will be an important factor in attracting and retaining talent.