The caregiving benefits employees need at every stage

Caregiving takes a toll on people's time, finances and health. The more support and resources available to them, the better they can provide what their loved ones need and take care of themselves as well.  

Approximately three quarters of employees fall into the caregiver category, and understanding their needs is crucial to the retention and productivity of this population. While some great targeted benefits exist, universal offerings can also play a role in their ability to manage personal responsibilities and still perform at work. 

"Although working caregivers face many challenges, employers can ease this pressure by providing access to resources and assistance that can help them navigate the complexities of the system, saving them time, stress and money so they find balance while caring for their loved one," Dr. Keri Robertson, the medical director at healthcare company Health Advocate, and Molly Minnick, a personal health advocate, wrote in an op-ed for EBN. 

Read more:  The value of caregiving support in the workplace

From financial wellness resources to health and wellness benefits to flexibility, many general offerings employers already provide are useful to caregivers specifically. An AARP study found that caregivers spend an average of 26% of their income on related expenses, including paying for loved ones' household and medical expenses. They also experience higher levels of stress, anxiety and exhaustion, and often feel frustrated by lack of understanding and outside support. 

When more basic benefits are coupled with access to expert caregiving advice and assistance, employees are better able to balance their personal and professional lives. For example, caregivers can use their FSA accounts to make purchases for children who are dependents, but they can also be used to cover expenses for aging parents. 

"Most people are surprised to learn how much their FSA covers," Rachel Rouleau, chief compliance officer for FSA Store, told Deanna Cuadra. "From everyday healthcare supplies and medications to menstrual care products and first-aid supplies to high-tech health devices."

Read more:  10 unexpected FSA-eligible purchases you can make before the year is up

Employers can meet employee caregivers' needs by looking into the benefits they already have and filling any gaps. Here are some broad and more specific ways to support them.

Flexibility benefits all employees — especially caregivers

Flexibility is a highly-coveted part of today's workplace, and how much employees appreciate it is obvious when it comes to satisfaction, recruitment and retention. 

A recent report from business management solutions company Businessolver found that 94% of employees said a flexible work hours policy was the best way for an employer to demonstrate empathy to their workforce, and 90% said flexible work location sent the same message. Eight out of 10 employees surveyed by job platform Flexjobs said more flexible work options would increase the loyalty they felt to their company, and data from remote job board Remote.co shows employers who do provide flexible work options have a 25% lower turnover rate. 

"The value that flexibility from your employer brings to your life cannot be overstated," says Clare Jones, a marketing outreach manager. "The more you get from your employer, the more you give." 

Read more:  4 professionals share why workplace flexibility is so important

Making child care a priority helps a business's bottom line

Developing on-site child care centers is no easy task, and it doesn't come cheap, between building the center itself, employing providers and complying with state regulations. But after three decades, Mattel can confidently say their Child Development Center has been worth it. 

Located in the El Segundo, California campus, Mattel's subsidized, on-site care center celebrated its 30th anniversary this year. The center, which is managed by the child education company Bright Horizons, provides care for employees' children, ranging from infants to pre-kindergarten. In addition to full-time employees, contractors and part-time staff can also access the benefit, with approximately 2,300 eligible workers. 

"Mattel early on recognized the many benefits of on-site childcare as part of our commitment to investing in employee well-being and supporting the needs of our parent workforce," says Karen Ancira, executive vice president and chief people officer for Mattel. "Our facility offers programs designed to accommodate the varied schedules of Mattel employees, including full-time and part-time enrollment options, as well as drop-in care."

Read more:  How Mattel's child care center has supported working parents for 30 years

The majority of caregivers are women — their health needs to be a priority

Healthcare costs don't seem to have anywhere to go but up — unless employers are prepared to invest in plans and programs designed to keep costs down. 

For Ellen Rudolph, co-founder and CEO of virtual care platform WellTheory, there's no greater place to start than looking for solutions that target autoimmune diseases and other related chronic conditions.

"Autoimmune patients are a top cost driver for every employer we work with," Rudolph explained to Deanna Cuadra. "They drive about 30% of total pharmacy spend and 50% of specialty spend for a typical employer. We wanted to create a solution that would really be a win-win for the patient and the employer." 

Read more:  How this healthcare benefit is helping women manage PCOS

Long-term care knowledge helps benefits professionals

Setting up a long-term care plan is complicated and time-consuming. The more benefits experts know about the process, the better they can advise on the right offerings when employees need them.

Americans who are now around the age of 65 have a 70% chance of needing long-term care to address the challenges of chronic illness, disability, or age, according to the Administration for Community Living. While long-term care can enable individuals to live as independently as possible, finding the right fit is a daunting prospect for those in need of care, as well as for family and friends stepping in to fill any gaps.

"Caregiving is an absolute crisis," Lori Martin, founder of employee benefit planning company Envision Benefit Specialists told Lee Hafner. Much of her work is with employers, employees and individuals to put the most supportive benefits in place for those nearing retirement. "A lot of caregiving stories you read are pretty heart-wrenching. But when there's a plan in place, it can be a different experience." 

Read more:  Why HR leaders need to become experts on long-term care benefits

Finding a community can help those managing eldercare

The number of employee caregivers — those taking care of children, aging family members, or both, is growing. These workers need support in various forms, many of which employers are in a unique position to provide.

While the need to offer holistic parental benefits has become table stakes for businesses, an area that gets less attention is offerings that make eldercare more manageable. The Bureau of Labor and Statistics reports there are 37.1 million people providing unpaid eldercare in the U.S., 41% of whom are between the ages of 45-64. The majority of these caregivers (59%) are women, but men are increasingly taking on family caregiving responsibilities as well. 

"Women often plan to have children; they think about what it's going to do to their finances, their bodies, their relationships, their careers — they make space in their lives," Liz O'Donnell founder of Working Daughter, shared with Lee Hafner. "[With kids,] it's about the future and possibility. With elder care, there's none of that. It's not something we plan for. It's grief. It's a series of losses. That is why having a community is so important." 

Read more:  Working Daughter helps support employees dealing with eldercare