The Billion Dollar Employee Crisis Copyright©2012 AgingInfoUSA, LLC

Presented by Sue Salach Author of Along Comes Grandpa And If I Walked In Her Shoes Caregiving Resources for People Living in the Real World © Copyright©2012 AgingInfoUSA, LLC

Caregiver Demographics 66% Female 44% Male Median Age: 48 Median Income: $60,300 Lifestyle: 50% are working full time and are in need of easy access to products and resources to assist them not only in their caregiving responsibilities but in their personal life as well. Copyright©2012 AgingInfoUSA, LLC

Issues in Targeting Employee Caregivers to offer help Caregivers do not self-identify Stigma/fear of job loss or demotion Aging network can be confusing and intimidating Shortage of affordable homes and community-based services and supportive housing Copyright©2012 AgingInfoUSA, LLC

Identifying Caregivers Employee Observations: Taking time PTO for things other than vacation/sick leave Unusually distracted during work hours Unusual increase in time on their work or personal phone during work hours Coming in late Leaving early Copyright©2012 AgingInfoUSA, LLC

What is the impact of caregiving on your business? Statistics from the MetLife Mature Market Institute and SHRM on how this rapidly growing issue impacts businesses. Copyright©2012 AgingInfoUSA, LLC

A Growing Epidemic According to the Society of Human Resource Management (SHRM), over 90% of companies surveyed expect an increase in the number of employees caring for elderly relatives The percentage of adult children providing personal care or financial assistance to a parent has more than tripled over the past 15 years ◦This currently represents a 1/4 of adult children, mainly Baby Boomers. Copyright©2012 AgingInfoUSA, LLC

Recruitment, Retention and Training At any given time, more than 21% of the workforce is dealing with a caregiving situation. 33% of caregivers decrease the number of hours they work 29% quit their job or retire early 22% take a leave of absence 20% change their job status or go part-time Copyright©2012 AgingInfoUSA, LLC

Lost Productivity 53% of caregivers admit that their job performance is negatively affected 84% make care giving related phone calls during business hours 68% arrive late or leave early 67% take time off from work during the day Copyright©2012 AgingInfoUSA, LLC

Increased Healthcare Cost Even when your employees are caring for someone not covered by your health plan, YOUR healthcare cost can go up. 75% of working caregivers report an adverse affect on their own health 50% report 8 additional visits per year to a health care provider (for themselves) as a result of their care giving responsibilities 22% report a significant impact on their own health Copyright©2012 AgingInfoUSA, LLC

Key Findings Key Findings The total estimated cost to employers for full- time employees with intense caregiving responsibilities is $17.1 billion The average cost per employee for those with intense caregiving responsibilities is $2,441 The total estimated cost to employers for all full-time, employed caregivers is $33.6 billion Copyright©2012 AgingInfoUSA, LLC

Educate employees and managers on this work/life issue Provide access to an expert in aging and caregiver services Build a personal library of caregiving resources and strategies for employees Defuse crises with heads-up options and strategies Providing Workplace Solutions can: Copyright©2012 AgingInfoUSA, LLC

Create a Policy for Caregiver Communication Clearly communicate that sharing work/family balance issues is encouraged Share information on upcoming seminars with your employees via team meeting, or group calendar Encourage co-workers who may be the confidant of an employee caregiver to share concerns with Manager/HR Assistance with priority setting Copyright©2012 AgingInfoUSA, LLC

What benefits do eldercare programs typically offer? Work time flexibility Phone or Internet-based resources and referrals Face-to-face consulting Educational activities like on-site seminars and health fair kiosks Providing a range of decision-support services Contracting with Elder Care specialists to provide advice to their workforce. Copyright©2012 AgingInfoUSA, LLC

Educate employees on work/life issues Provide access to an expert in aging and caregiver services Necessity of Seminars and Events Build a personal library of caregiving resources and strategies for employees Defuse crises with heads-up options and strategies

Connect your employees directly to our online directory of health and wellness providers from your intranet. Link to Established Resources Copyright©2012 AgingInfoUSA, LLC

Managers Support is Vital Empowerment and Encouragement Set aside time to listen to the employee Refer them to the HR department for resources Connect them with other caregivers Copyright©2012 AgingInfoUSA, LLC It could be any of us in that situation at any given time

What is the return on investment (ROI)? The most valuable return on investment for an eldercare program is employee retention. Copyright©2012 AgingInfoUSA, LLC

What is the return on investment (ROI)? Copyright©2012 AgingInfoUSA, LLC Since 1996, it has been reported that every $1 spent on eldercare programs gets a return of $3 - $5 in productivity, retention and reduced absenteeism.

*Source: Society for Human Resource Management's 2003 Eldercare Survey, 47% of HR professionals report seeing an increase in the number of employees dealing with elder care issues over the last several years. Copyright©2012 AgingInfoUSA, LLC How much is unmanaged eldercare in the workplace really costing your company Companies without eldercare benefits stand to lose $2,500 a year per caregiving employee. Absenteeism is the number one problem among employees having caregiving responsibilities. Only 25 % of organizations offer elder care benefits.

Size doesn’t matter! Whether your company has 5 employees or 5,000 employee caregiving issue will affect your productivity and bottom line. Copyright©2012 AgingInfoUSA, LLC

Is Your Company Prepared for the tsunami heading your way? Copyright©2012 AgingInfoUSA, LLC

AgingInfoUSA 651 S Sutton Rd, Ste 204 Streamwood, IL (847) Copyright©2012 AgingInfoUSA, LLC