NEED FOR ELDER CARE SERVICES IS GROWING AT AN ALARMING RATE
The problem:
- One in four American employees currently provide some kind of care for an elderly relative; half of the care givers are working full-time, according to statistics from Kiplinger.
- The number of Americans over age 65 is increasing five to eight times faster than the working-age population, leading experts to believe the demand for elder care will surpass that for child care in the near future.
- Employers are seeing an increasing amount of absenteeism, lateness, lack of focus, and stress in employees who take care of elderly relatives. (survey by the University of Bridgeport, Conn., and the U.S. Census Bureau).
Jill Eslwick (Employee Benefit News, July 2002) reported:
- Businesses lose between $11 and $29 billion annually because of workers' caregiving responsibilities, according to a MetLife study.
- The typical caregiver is a 46-year-old female, most likely a dutiful daughter, who is employed either full- or part-time. She spends an average of 17.9 hours each week caring for her elder, according to the Department of Health and Human Services. Her caregiving period will endure for an average of 4.5 years. Odds are 50-50 she's going it alone, without help.
The solution:
- In 2000, 15% of employers surveyed by the Society for Human Resource Management (SHRM) offered an eldercare referral service as an employee benefit. In 2001, that figure grew to 19%. It climbed again in 2002 to 21%.
- The typical return on investment for caregiving benefits are estimated at least three to one.
Related:
Elder Care Assistance
