How employers can take their caregiving benefits to the next level

November 14, 2024 4:16 PM

Younger woman and older man sitting on couch looking at laptop together

As an employer, are you equipped to support — and therefore retain — your caregiver talent?

Nearly three-quarters of working Americans are already caregivers, a number that will increase as the population of people aged 65 and older goes up over the next several years. The National Cancer Institute defines the term caregiver as anyone who helps take care of someone else: children, the elderly, and those with a disability or chronic illness. Responsibilities range from researching facilities to helping with daily needs such as meal prep and errands to navigating the healthcare system. The hours add up, some of which caregivers have no choice but to pull from their workday.

More than ever, organizations have access to a variety of experts and technology that can help round out benefit offerings and other methods that make the caregiving experience less stressful. But because the caregiving demographic differs in every workplace, finding the most impactful options takes thought.

But if done correctly, companies stand to save big and become employers of choice. A report from Care.com found that when companies offered child care benefits, 81% of employers saw a positive impact on recruitment, 80% witnessed better retention and 82% saw better productivity. The report showed similar numbers for senior care offerings.

From caregiving platforms to personal stories, here are Employee Benefit News' top stories, breaking down what employees need and how companies can meet those needs in a challenging political and economic landscape.

The need for ERGs

Between work and family, caregivers get little breathing room for themselves — and it takes a toll. As employers try to make their benefits and policies more inclusive, they may need to question whether they have a pulse on what their caregivers need.

"ERGs serve the purpose of creating solidarity and a shared space around common themes and challenges," says Priya Krishnan, chief digital and transformation officer at Bright Horizons. "If you're looking for equity in the workforce, getting perspectives from these groups is critical."

Read the article:

Care about caregivers? Make sure there are ERGs for your working parents

Recent caregiving research

Working caregivers are struggling to balance their personal and professional responsibilities, and due to a lack of support, many feel forced to choose between their loved ones and their jobs. As the number of caregivers in the U.S. climbs, it is expected that so too will resignations, unless employers step in and offer what caregivers say are the most needed resources for relief. Research from Arizent, parent company of Employee Benefit News, gathered feedback from workers currently caring for their children, parents or partners, to help employers know where to step up their benefits and policies to keep employees present and productive at work.

Read the article:

From birth to bereavement: No matter the caregiving stage, employees crave support

Putting caregiver offerings to use

Lesli Marasco was diagnosed with breast cancer ten years ago, just as she was starting her role as director of global health and welfare benefits at global biopharmaceutical company AbbVie. At the time, Marasco was a mom caring for children in the third and fourth grades. Both her parents would also go on to be diagnosed with cancer; her mom had lung cancer, and her dad had leukemia.

"You get a diagnosis from your doctor, and it's not something you're expecting to hear when you're in your early 40s," says Marasco. "I was worried about what I was going to tell my kids, I was worried about my twin sister — it's just this huge learning curve you get thrown into."

Read the article:

Cancer survivor and caregiver: The workplace benefits that supported this VP

The RTO impact

As more employers push to have employees return to the office, it may be time to reflect on whether the space is ready for their arrival — or if it will be a source of discomfort and distraction.

"An inclusive office is created with all lived experiences in mind," says Alex Suggs, co-founder and partner at consulting firm Different DEI. "It's a space co-created with the folks who are going to be most impacted — those with disabilities, caregivers, those with neurodivergence. They should be able to come here and thrive and feel like they were top of mind when this workplace was created."

Read the article:

RTO? Update your office to support disability, neurodivergence and caregiving

Some of the best benefits

The majority of employees have caregiving duties on their plates. What employer offerings will make them want to stay with — or join — a company in 2024?

"Care benefits are just one little slice of the pie," says Wes Burke, chief human resources officer at online caregiving marketplace Care.com. "How do we think of this differently in terms of full support?"

Read the article:

Stipends, PTO and manager support will help caregivers thrive in 2024

Retirement repercussions

For employee caregivers heading into retirement, leaving the workforce comes with a whole new set of challenges.

"Caregivers may have to reduce work or quit work entirely in order to provide care. If this happens, the caregiver will have less financial resources to support themselves," says Craig Copeland, director of wealth benefits research at EBRI. "If caregivers can't support themselves, they may not be able to provide additional support for those receiving care, and both the caregiver and the recipient will face significant challenges."

Read the article:

Caregivers are unprepared for the reality of retirement

Experience shapes empathetic benefits

As the CEO of caregiving platform Cleo, Madhavi Vemireddy spends her days lending support to caregivers. And she knows all too well how badly they need it.

"In 2010, I was pregnant with my eldest son. I had a high risk pregnancy, and he was born six weeks premature," she says. "He ended up having a rare congenital heart condition, and at nine months, he needed open heart surgery. After the surgery, he was hitting his milestones, he was walking at age two and we thought he would just catch up. But socially, he wouldn't play with other kids and he wasn't talking yet."

Read the article:

Cleo CEO Madhavi Vemireddy leads from experience as a family caregiver

The emotional toll

When Fran Hampel's mother became ill with heart failure at the age of 87, the decision to step in and care for her mom was easy. The reality of taking on caregiving responsibilities was anything but.

"When my mom's health really declined, I had to take a lot more time [off], and then my students would miss out on getting therapy, so there was a lot of guilt on my part," Hampel says. "And then my mom was feeling guilty because I was taking this time off, to the point where sometimes she stopped telling me about things happening with her health."

Read the article:

'There's a lot of guilt': The emotional burden of caregiving

Focusing on inclusive offerings

Any working parent knows how tough it is to raise a child and grow a career. For parents of neurodivergent children, those challenges can be more nuanced, more time-consuming, and more isolating.

Debra Isaacs Schafer has dedicated decades of her career to these parents, and as the mother of a neurodivergent child who is now an adult, she is familiar and well-versed in the experiences they face.

"It's an ebb and flow of chronic and crisis issues," she says. "Something occurs with your child and you are prepared for it — that's the chronic part. But it's the unpredictability that often creates the greatest challenges for parents. Employers need to understand parents of neurodiverse children need workplace flexibility. That's it. I've lived it, and I understand those needs, and without flexibility, you cannot navigate your child's needs and your career. It's impossible.

Read the article:

Do your caregiving benefits support parents of neurodiverse children?

Considering all stages of caregiving

The responsibilities that come with being a caregiver do not discriminate — nor does the toll they can take on an individual. Simply put: Those who are juggling professional responsibilities while providing care for a loved one need more support from employers.

Managing the care of a loved one, regardless of their age or condition, can have a substantial impact on a caregiver's health and well-being, especially as they try to balance the demands of their job alongside their personal duties. One in five employees, the majority of whom work full-time, is an unpaid caregiver, according to the Rosalynn Carter Institute for Caregivers.

Read more:

At every stage of caregiving, employees crave more support from their employer