title: The Shifting Landscape of Caregiving: Why Businesses Should Take Notice
The modern American workforce is witnessing a shift in demographics, with workers caring for their aging parents becoming increasingly common. According to 2023 statistics from The U.S. Bureau of Labor Statistics, an astonishing 37 million individuals are providing unpaid eldercare to someone aged 65 or over. As the nation's labor market evolves, so too must employers' approach to supporting their workers in this critical aspect of their lives.
The Sandwich Generation – those providing care to both elderly parents and minor children – represents a substantial and expanding portion of the mid-career talent pool. With one-quarter of American adults falling into this category, companies can't afford to overlook this demographic. The challenge of caring for aging parents is particularly acute for this group, as 82% of them are juggling both paid employment and domestic responsibilities, as per 2023 BLS data.
The growing elderly population and skyrocketing costs for long-term eldercare in the U.S. have placed significant burdens on this workforce segment. Despite these challenges, workplace cultures and employment policies have yet to keep pace. Many employers have stepped up in their support for parents with young children, but eldercare remains a largely untouched topic.
However, the consequences of neglecting eldercare in the workplace can be severe. Research studies have documented discrimination against workers with eldercare responsibilities, while the fears and stigmas associated with this demand cause significant stress. Despite these issues, offering eldercare benefits could reap substantial rewards for employers, from lower absenteeism and turnover to increased recruitment and retention – and an estimated $44 billion in savings according to Care.com research.
As 2024 surveys indicate, millennial and Gen Z workers, who are set to make up a significant portion of the future workforce, share the desire for flexibility as one of their top priorities. By adopting eldercare support in the workplace, employers can not only address the needs of their existing workforce but also future-proof their organization for the changing demands of younger generations.
So how can businesses support their employees who are caring for elderly parents?
- Broach the topic and create open communication: Acknowledging the issue is a powerful first step. Employers can facilitate discussions about eldercare through employee resource groups, workshops, or manager training. Encouraging an open-door policy and fostering open communication can also help create a supportive environment for employees dealing with these challenges.
- Survey the workforce: Regularly gather data on employees' caregiving responsibilities and monitor changes. Insight gained can be used to tailor employee support programs and destigmatize eldercare in the workplace.
- Assess existing benefits plans: Audit current benefits to discern gaps between caregiving support for children and adults. This may range from adjusting paid leave policies to offering backup or substitute eldercare services.
- Provide flexible leave policies and time management tools: Flexibility in leave policies and time management tools can help employees find a balance between their professional and personal obligations.
- Offer financial assistance and literacy programs: Implement comprehensive budgeting programs and financial assistance to help employees navigate the financial challenges associated with eldercare. Encouraging financial literacy can also give them the knowledge to make informed decisions about care options.
- Invest in emotional support and wellness programs: Offer wellness programs that cater to mental and emotional wellbeing, such as stress management resources and mental health services.
- Foster manager training: Train managers to lead teams with complex caregiving requirements, instilling a supportive culture that acknowledges the challenges faced by their team members.
By adopting these strategies, employers can create a supportive workspace, better equipped for the multi-generational workforce of the future.
The Sandwich Generation, who are providing care to both their elderly parents and minor children, make up a large portion of the mid-career talent pool. Recognizing this, companies can benefit from implementing employee benefits that cover eldercare, as per Care.com research, potentially saving them billions in absenteeism and turnover costs.
As the desire for flexibility tops the priorities of millennial and Gen Z workers, who will form a significant portion of the future workforce, offering eldercare support in the workplace not only addresses the needs of the current workforce but also future-proofs organizations for the changing demands of younger generations.
