Supporting Caregivers in the Workplace: A Guide for Employers Fall 2017 ASEC Partners’ Meeting: 18 October 2017

That’s nearly 17% of today’s US workforce. Did you know? That’s nearly 17% of today’s US workforce. Caregivers spend an average of 20+ hours/week providing care Number of employee-caregivers expected to grow exponentially over next decade 40% of caregivers are male. 25% are millennials Almost everyone will give or receive care at some point in their lives

Economics of caregiving are staggering. How much is $470B? At $470B, economic value of caregiving is as big as the world’s largest company, and exceeds Medicaid and out-of-pocket (OOP) spending on health care. $7000 July 2015 Valuing the Invaluable also says: 68% of family caregivers who say they use their own money for caregiving 39% felt financially strained – that’s 1 in 5 caregivers The numbers get worse as the number of hours each caregiver provides rises and caregivers give care for more than a year Also: reduced or foregone income, lost benefits, or reduced pension. An estimated 3 in 10 (29 percent) American workers say they are currently providing direct financial support to a relative or friend. Among those workers, more than 1 in 5 (22 percent) provide financial help to a parent or parent-in-law. Boston College’s Council on Aging: ~50% of Boomers who provide unpaid caregiving are employed or self-employed Among Baby Boomers (born 1946 -1964) who are involved in unpaid caregiving for a family member, 37% are employed full- or part-time, 9% are self-employed, and 54% are not employed, including 35% who are retired, according to a 2017 survey by Transamerica. (p. 27) Source: “Valuing the Invaluable: 2015 Update”, AARP Public Policy Institute. Average out of pocket spend on caregiving-related expenses.

Employers win when they support employee-caregivers. Benefits to Employer Maximize productivity Improve employees’ physical & emotional health Attract and retain talent Reduce costs for healthcare and beyond Failure to support employee caregivers costs U.S. employers $3000 per working caregiver. That’s $34B annually!

AARP’s new resources help employers get started. Assessment How-to Guide Videos www.EmployerCaregivingToolkit.org