Eldercare Issues a Growing Problem for Employers

Aging with Grace, a geriatric caremanagement company that operates in several east coast states offers employers, benefits consultants and labor unions assistance in providing solutions to escalating costs associated with caregiver stress. Aging with Grace provides custom programs that include on-site educational programs that address elder caregiver stress and its impact on rising employer costs.

Philadelphia, PA (PRWEB) May 3, 2007 -- For millions of working Americans, the emotional strain of balancing work with caring for an elder family member is increasing, with related consequences for employers. Data gathered from a 1997 national caregiving survey conducted by the National Alliance for Caregiving and the American Association of Retired Persons (AARP) estimated the cost to U.S. employers in lost productivity due to caregiving for older adults to be $34 billion per year. The impact on employment productivity is also likely to grow, as both the population ages and the number of workers balancing jobs with caring for an aging family member increases.

On the employer side, by 2007, for example, approximately 42% of the American work force will be aged 40-54, the prime years for elder care issues to surface for adult children. These individuals are referred to as the "Sandwich Generation," family members caught between caring for an elder parent and managing their lives, including caring for their children. By 2009, the number of Sandwich Generation employees in the country is expected to increase to between 11 and 15.6 million working Americans, representing approximately 10% of our workforce.

Sixty-four percent of the caregivers were employed, creating a juggling act between work and caregiving responsibilities. The study found that the average loss in employees' wage wealth at retirement, due to lost wages and reduced retirement benefits was $566,443.

In 1999, the MetLife Mature Market Institute sponsored a pilot study called, "The MetLife Juggling Act Study: Balancing Caregiving with Work and the Costs Involved," which followed up on a subset of the 1997 NAC/AARP program participants. The study assessed the losses caregivers experience, by measuring the long-term effects of wage reductions, lost retirement benefits, compromised opportunities for employment promotions, and stress-related health problems. Nearly two-thirds of the caregivers surveyed reported that their eldercare responsibilities had a direct impact on earnings.

Behind the statistics is the physical, emotional, legal and financial fallout for working Americans involved in eldercare. For employees, this balancing act translates into lost wages, decreased pension and social security benefits, as well as having the effect of compromising potential job advancements. Twenty-nine percent of those surveyed stated that they had passed on a job promotion or additional training, due to caregiving commitments. Overall, nearly 40% of those surveyed reported that caregiving affected their ability to advance on the job.

The consequences are shared by employers who find that caregiving negatively influences worker productivity, employee turnover, absenteeism and early retirement. Employee preoccupation with caregiving issues is formally manifested through increased sick days, use of vacation time, a decrease in formal work hours, or early job termination /retirement. Informally their workers' schedules are affected in terms of productive time lost while making phone calls, taking time off during the day, arriving late or leaving work early. The negative results on employee retention and productivity is estimated to cost employers $29 billion per year.

Despite the losses, when MetLife's Juggling Act Study was published, only 23% of companies with 100 or more employees had programs in place to support caregivers. While about 60% of caregivers surveyed in the study reported that they sought assistance in locating eldercare resources, the arrangements made by employees were informal and not incorporated into company policy.

As a veteran eldercare expert, Patricia Grace, President, Aging with Grace, a geriatric care management company says, "I have noticed that companies are increasingly responding to their employees' eldercare needs by including geriatric care management (GCM) benefits to assist the family caregivers in caring for the elder relatives. The GCM saves times by utilizing their professional expertise to objectively evaluate an elders needs, create and implement a plan and coordinate all services. This can greatly reduce employee stress by having an expert provide objective solutions as well as help families resolve difficult and emotional issues. The end result is a win-win situation for both employer and employee with a more productive work environment."

In the interest of maintaining employee productivity and retention, it is a significant benefit to employers to examine the human factors affecting working caregivers and to support employees in their ability to plan for and meet the long-term care needs of their loved ones. Aging with Grace works with employers and employees to identify these issues and provide services and programs to address this growing workplace problem.

For additional infromation on this unique company call (215) 672-8090 or toll free 800.626.9440.

# # #