With a big impact
According to one study, the percent of employees managing an eldercare situation who:
|Cut back on hours worked||37%|
|Pass up an opportunity for relocation or transfer||29%|
|Take a leave of absence from job||12%|
|Shift status from full to part time||22%|
|Leave their employment||16%|
The Study found the most common caregiving expenses respondents cited were:
- Household goods, food and meals (42 percent)
- Travel and transportation costs (40 percent)
- Medical co-pays and pharmaceuticals (31 percent)
- Medical equipment and supplies (22 percent)
- Clothing (21 percent).
The Study also looked at the difference in costs for varying caregiving situations. Long-distance caregivers had the highest average annual expenses ($8,728), followed by co-resident caregivers ($5,885) and those who cared for someone living less than an hour away ($4,570).
Providing a qualitative look at caregiver costs, respondents kept a detailed diary of their expenses for 30 days. The diarists spent an average of $1,029 on caregiving over the one-month period. Extrapolating this cost over a year shows that they were spending twice the average of the other respondents – $12,348 annually. One diarist said, “I have gotten so far behind on all of my bills … It’s hard to say ‘no’ to my dad.”
What Caregivers Sacrifice – It’s Not Just Money, But Also Time
More than half of the Study respondents (53 percent) did not work while 37 percent of the respondents said they had quit their job or reduced their work hours. The respondents also reported they were spending on average 35.4 hours a week caring for their loved one with 19 percent providing care for more than three years and 32 percent caregiving for more than five years.
To accommodate the caregiving time and expenses they had, Study respondents were making the following sacrifices:
- Cutting back on leisure activities (49 percent) and vacations (47 percent)
- Saving less or not at all for their children’s future (38 percent)
- Using their savings (34 percent)
- Cutting back on basics such as clothing, utilities or transportation (27 percent) and groceries (25 percent)
- Cutting back on personal medical or dental expenses (23 percent)
And a high annual cost
As caregiving becomes more intense over time, working caregivers are forced to adjust their work/life balance. The most significant-and costly to the employer-adjustment is a decision to leave the work force in order to become a full-time caregiver. Current estimates are that 16% of all workers are at risk of quitting because they are providing intense levels of care to aging parents or other loved ones. Employees frequently make the decision to quit because they do not get the right kind of eldercare support. Reducing the number of employees who quit significantly impacts recruitment and retention costs. For a 20,000-person organization, the costs associated with employees leaving due to eldercare issues equates to an annual expense of millions of dollars.
Which can be reduced by implementing a Nurse Navigator program through CHCS Services
In a tight labor market with high recruitment costs, a comprehensive employer-sponsored eldercare program makes good business sense. CHCS' unique combination of on-site, in-person, telephonic, and web-based support can significantly reduce the impact of eldercare on your workforce and your organization. The benefits of using CHCS' comprehensive eldercare programs include:
- 25% reduction in turnover due to eldercare issues
- A recruitment advantage
- Higher levels of employee satisfaction
- A healthier workforce
- 50% reduction in lost productivity
Giving your employees the help they really need costs only a fraction of what you’re currently spending on recruiting and training employees to replace those leaving the workforce because of eldercare issues. Our new approach to eldercare will also increase employee satisfaction and bolster productivity.
Contact us today to discover how easy and cost-effective it is to put a CHCS' eldercare program in your workplace. email@example.com.
Estimate Your Elder Care Costs
Use the tool below to estimate the costs of eldercare and your potential savings using the Nurse NavigatorSM program.
However, remember there are other costs, too, such as reduced productivity and increased utilization of health care due to stress and physical exhaustion.
Please enter a valid number of employees.
Please enter a valid average age.
Please enter a valid growth average.
Please enter a valid average salary.
|Number of Employees||persons|
|Average Employee Age||years|
|Expected 3yr Growth in Number of Employees||%|
|Average Employee Salary|
|Cost Type||Yr. 2020 Cost||Yr. 2025 Cost|
|Leaves of Absence|
|Projected Nurse NavigatorSM Savings|
Call Us Toll Free
1-877-687-6628 for Elder Care Solutions