Wellthy’s Post

Brand new research from Harvard Business School’s Project on Managing the Future of Work reveals that companies must start supporting their employees with caregiving responsibilities. The growing demands on caregivers have negative implications for companies, affecting their day-to-day productivity and imposing significant financial costs on employers. Professor Joseph Fuller, author of Healthy Outcomes, shares the following, “The growing demands on caregivers have ominous implications for companies, negatively affecting their day-to-day productivity and imposing significant financial costs on employers,” Recent research conducted by an independent analysis of data provided by Wellthy and nearly 100 other companies they partner with to support working caregivers. The report shows that Wellthy helps in the following ways: ⬆️ employee engagement ⬆️ employee productivity ⬇️ cuts turnover rates ➡️ fosters a thriving workplace culture Working caregivers, especially women, feel like they have the tools and resources needed to balance caregiving roles on top of work and other life responsibilities. Read more here: https://lnkd.in/e_8CUeXN #Caregiving #EmployeeBenefits #WorkforceSupport #HR #EmployerBenefits #Women

As our society ages, the demands on caregiving employees continue to rise, presenting unique challenges in the workplace. It's estimated that by 2034, adults aged 65 and older will outnumber children under 18, highlighting a critical need for caregiving support. Currently, with over 53 million caregivers in the U.S., many of whom are also working professionals, the balance between work and care responsibilities becomes increasingly complex. Key Insights: Work/Care Balance: Many caregivers must manage healthcare appointments, emergencies, and daily care during work hours, affecting their engagement and productivity. Health Impacts: The dual burden of work and care can lead to mental and physical health issues, including stress, depression, and chronic conditions, which in turn affect employers through increased healthcare costs. Economic Costs: Without adequate support, caregiving employees may reduce hours, take leaves of absence, or even leave the workforce, which can significantly impact an employer’s bottom line. What Employers Can Do: Flexibility: Implement more flexible work policies to accommodate caregiving needs. Support Services: Offer access to counseling and elder care referrals to ease the caregiving burden. Inclusive Culture: Foster an understanding environment that acknowledges the challenges caregivers face. The Benefits: Increased Productivity: Employees who feel supported are more engaged and productive. Enhanced Loyalty: Supportive policies lead to higher employee retention. Healthier Workforce: Reducing caregiver stress contributes to better overall health and reduced sick days. Financial Efficiency: Lower healthcare and turnover costs lead to improved financial performance. By embracing a caregiving-friendly workplace, companies not only enhance the well-being of their employees but also improve their operational effectiveness and reputation as desirable places to work. 👥 Join the Conversation: How is your organization supporting caregiving employees? Share your practices and learn from others in this vital discussion. #WorkplaceWellness #CaregivingSupport #EmployeeHealth #HRStrategy #CorporateCulture #Kinumi

Earlier this week, I caught up with a former colleague from a healthcare company over dinner. Like me, she is in the "sandwich generation," and we talked about the emotional toll and challenges of being a caregiver. In our roles as healthcare executives, we both understand that caregiving is a vital component of creating better health outcomes for people, but we reflected on the newfound realities of living it—recognizing how easy it is to underestimate the caregiving challenge until you are actually "in it." This piece of research was a timely read this morning: Offering support to caregivers is not (just) about enhancing work-life balance; it saves $200,000 for every five retained employees. Leaders, it's worth a read. In a world where empathy meets economics, this report challenges us to redefine success. #LeadershipInsights #EmployeeWellbeing #BusinessImpact"

https://lnkd.in/eV3F3kEv So, if you have any reluctance to listening to what we have been promoting, perhaps you need to read this. Harvard Business School research provides the most concrete evidence for how employers' support for caregiving leads to a material return on investment. If you are an employer, why don't you explore affordable options for creating a culture of caregiving within your organization and offer educational and navigational services to your caregiver-employees? I think that by now you might have recognized that I am doing this to help and support; and, I have identified different resources that might be beneficial options for providing caregiver-employee support. Those employers who get on the bandwagon are likely to be the ones that are able to conserve the most talent; and, also financially benefit from not having workplace disruptions and terminations. The data are clear. But you have to take the first steps. I urge you to check out Newgingpartnership.org for information regarding our efforts to support all caregivers, including caregiver employees; and, contact us if you would like to contribute to our efforts, or for assistance with any questions regarding personal or organizational issues at [email protected]. I hope you enjoy the rest of the Memorial Day holiday weekend. #newagingpartnership #caregivingconfidential #caregivingsupport #employeebenefits

This year, data and research on the workforce has told us something powerful: caregiving benefits are an “essential investment in building a more stable and competitive workforce for the 21st century—one that guarantees a high return.” In this piece from Harvard Business School's HBS Institute for Business in Global Society, data from nearly 100 Wellthy clients and partners is covered revealing the substantial impact of employer-provided care benefits. One of the biggest findings? Caregiving benefits reduced employee turnover by one to seven percent, and reduced absenteeism by 10 to 50 percent. That has a mammoth return on investment for employers—where some organizations see savings of $200,000 or more when just five employees access care benefits like Wellthy. Read the full article here: https://hubs.la/Q02H_5ht0

Caregiver statistics: 70% of working caregivers suffer work-related difficulties due to their dual roles. 49% of caregivers feel they have no choice about taking on their caregiver responsibilities. Only 56% of caregivers informed their managers of their caregiver responsibilities. Absenteeism from caregiving costs the U.S. economy an estimated $25.2 billion in lost productivity. Up to an 18.5% reduction in employee productivity due to caregiving has been found. And 71% of caregivers stated that supporting their care needs would have helped avoid or reduce time away from work.  https://lnkd.in/ekvtcg-Z Want to learn how you can start supporting your employee caregivers? My colleagues and I wrote a White Paper after consulting with a panel of HR executives. https://lnkd.in/gztPhUkS #caregiver #caregiversupport #hrbenefits #leadership #coaching

Empowering Caregiving Employees: A Strategic Business Move As the caregiving responsibilities of our employees grow, so does the necessity for businesses to support them effectively. Consider these compelling statistics: ➡️ 53 million U.S. adults are caregivers, an increase from 43.5 million in 2015. ➡️ Caregiving costs the U.S. economy an estimated $44 billion annually due to job losses and absenteeism. ➡️ 61% of caregivers are employed, often juggling work with caregiving duties. Supporting our caregiving employees is crucial, not just for productivity but for fostering a compassionate workplace culture. Collaborating with organizations like DuPage Senior Citizens Council can provide essential support, enhancing both employee well-being and our community presence. What's In It For You? ➡️ Enhanced employee productivity and job satisfaction ➡️ Building a workplace that values compassion and empathy ➡️ Strengthening your company's role in the community Let’s champion a culture that supports every employee's well-being. #Leadership #EmployeeWellbeing #CorporateResponsibility #AgingCare #SupportCaregivers To go deeper into this subject, read our latest blog post: https://lnkd.in/exCCc8Wh

This is a huge issue that needs to be addressed by employers. Caregiving is not only for children. Caregivers need the resources to take care of their larger family. #caregivers #seniorcare #humanresources

What an exciting way to kick off 2024: Harvard Business School has released a new report confirming that caregiving benefits provide a demonstrable return on investment for employers and employees alike. Led by Joseph Fuller at HBS's Project on Managing the Future of Work, the study analyzed nearly 2 years of archival data from Wellthy’s work with approximately 100 clients. Their independent findings mark one of the most prominent studies showing that for employers, support for working caregivers provides one of the biggest bangs for the benefits buck. Among the report’s key findings: 1) caregiving benefits provide a sizable ROI for companies when it comes to retaining top-tier talent;  2) employers who provide access to care services like Wellthy see a marked reduction in absenteeism and missed days and weeks of work;  3) when working caregivers feel seen and supported by their employers, workplace culture thrives Check out the study, “Healthy Outcomes: How employers’ support for employees with caregiving responsibilities can benefit the organization” at this link: https://lnkd.in/eEh9NZwn #HR #benefits #workforcetrends

Did you know that 73% of the workforce is made up of caregivers? Creating a sustainable #workforce begins with providing the necessary support for working #caregivers to thrive both in and out of the workplace. 💙 Join us at SHRM Benefit Trends Virtual Retreat where we will have two benefit experts and working caregiver advocates share their expert tips and insights. In this session, you will: 💡 Get insights from Daisy Dowling, CEO & Founder of Workparent and Professor at Columbia Business School. 💡 Learn effective strategies from Michelle Cerbone, Manager of HR Benefit Communications at NYU Langone Health, for supporting working caregivers. 💡 Understand how to develop an effective strategy for communicating available benefits to your employees when they need it most. Register now (it's free!) 👉https://bh.social/46BCksN #HRleaders #EmployeeBenefits #workingparents