To say the U.S. economy is giving mixed signals would be an understatement. Inflation remains near a 40-year high. Unemployment is at a 54-year low. While our news feed is filled with tech industry layoffs, January’s jobs report found that nearly three times more jobs were added to the economy than expected.
And the reality is that critical industries like healthcare, education, manufacturing, transportation, and hospitality actually face large-scale staffing shortages.
It’s undoubtedly a challenging time for employers. Many are operating with tighter budgets and smaller teams — whether it be due to downsizing, labor shortages, or a mix of both.
Whichever situation an organization might be facing, retaining key talent, controlling expenses, and helping employees perform at their best are likely top priorities in 2023 and beyond. And for HR and benefits leaders looking to make the most impactful investments in their people, now is the time to double down on supporting employees’ care needs.
Why? Employees struggle to balance work and caregiving responsibilities, and it directly impacts employers’ bottom lines.
Caregivers spend an average of 45 hours per week on unpaid care, on top of their full-time jobs. Fifty-seven percent report clinically significant levels of stress, anxiety, or depression. Eighty percent of working caregivers say caregiving affects their productivity. They’re spread too thin. They’re burned out. And when it becomes too much, many have no choice but to step out of the workforce so they can step up at home. Thirty-two percent of all workers have left a job at some point in their careers to provide unpaid care for a loved one.
Employee turnover, absenteeism, and productivity loss due to caregiving are costly for U.S. employers — to the tune of $44B. In fact, caregiving is the number two reason (behind retirement!) that employees leave the workforce. The growing care crisis is placing immense strain on families, making it that much harder for employees to balance work and home responsibilities.
Supporting caregivers in the workforce isn’t just the right thing to do, it’s good business — especially in this uncertain economic environment.
A study conducted by Stanford University PhD researchers highlights the value of investing in effective caregiving support solutions. The data shows that companies who offer Wellthy to their employees averaged a 366% return on investment, directly attributed to increased retention rates and decreased absenteeism.
“Wellthy employer clients see a staggering 366% return on investment, directly linked to increased retention rates and decreased absenteeism.”
Wellthy delivers value to employers by taking the load off their employees’ plates: completing caregiving tasks on their behalf, giving them time back in their day, and providing guidance, expertise, and peace of mind. According to Wellthy member surveys, one in three members reported that Wellthy's support prevented them from taking a leave of absence or resigning.
This data signals that caregiving support is not just another employee perk — it’s an investment in workforce infrastructure.
To learn more about how Wellthy helps recruit, engage, and retain talent, request a demo.
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