If you have employees that are caregivers or need long-term
care themselves, your business is at risk. Employees simply
cannot balance the full time job of caregiving with their
current job demands. Trying to do so will most likely result
in absenteeism and decreased productivity.
Many employees are involved in a caregiving role In fact,
it is estimated that almost 10% of today’s workforce
provide care for someone over 50. 12
Regardless of an employee’s work skills or determination,
full-time caregiving will negatively affect their job performance.
Out of all caregivers in a Study done by the National Alliance
for Caregiving/AARP, 54% said they had to make changes at
work to accommodate caregiving. In the same study, this
time surveying the more intense (56+ hrs per week) caregivers,
30% said they had to give up work entirely as a result of
their caregiving. Look at the graph below for more results
from the study. 11
Statistical results taken from Family Caregiving
in the U.S., Findings from a National Study,
National Alliance for Caregiving/AARP, 1997, p. 33.
Also from Phyllis Shelton, “Long-Term Care –
Your Guide to Financial Planning”, 2001, page
100. |
The following is a list of the impacts on job performance
and company expenses that you may see from an employee who
is involved in strenuous caregiving responsibilities.
- an unwillingness to go on business trip or relocate
- Inability to work full time or at all
- Decreased motivation
- Absence
- Arriving late and leaving early
- Increased health problems from added stress
- Replacement costs if employee needs to finally
resign
Also, keep in mind that Long Term Care insurance is not
just for the young. Over 40% of Americans receiving Long
Term Care are between the ages of 18 – 64. 1
Younger employees may need long term care for automobile
accidents, sporting accidents, brain tumors, and disabling
diseases.
