An increasing number of working adults are now caring for their parents, with many also caring for their own children, not to mention themselves. Being stretched so thin takes a toll on the caregiver’s health and personal life. Without the right support, caregiving employees are at risk of absenteeism, presenteeism, and even dropping out of the workforce — which is costly in terms of productivity and dollars wasted.
In fact, businesses lose an estimated $17.1 to $33 billion in additional costs per year due to lost time, with an 18.5% reduction in productivity from time spent providing care for loved ones during working hours. While 80% of working caregivers say their responsibilities impact their productivity at work, employers may be unaware of the strain until employees resign, often due to difficulty balancing everything. And the impact of challenges associated with caregiving can result in both physical and emotional strain as well, increasing risk for costly health problems: 40.7% of caregivers report having two or more chronic diseases.
