In Wellthy’s recent webinar, “Caregiving support: A smart investment for employers in an uncertain economy,” we discussed the impact of caregiving on the workforce and the need for employers to recognize and address the care challenges that nearly all employees will face.
Our Co-founder and CEO, Lindsay Jurist-Rosner, had the honor of hosting healthcare executive Paurvi Bhatt, and Head of Work/Life Benefits at Fidelity Investments, Stacy Korsak for the discussion.
Read on for our top 5 takeaways from the webinar:
1. Caregiving is a near-universal experience
A growing number of individuals balancing care responsibilities with full-time work, a reality that affects at least 56% of U.S. workers (and in some studies up to 73%).
Paurvi emphasized this by sharing, “I love former First Lady Carter’s quote about caregiving, that ‘there are four types of caregivers in the world: those who are caregivers, those who have been caregivers, those who will be caregivers, and those who will need care.’ When you think about that it’s pretty much everybody. It’s a universal experience. So when you think about it from an employer’s perspective, [caregiving] is the issue of our time.”
2. A strained care economy is creating a labor crisis
The demands of juggling care and work mean a family caregiver’s day can be fractured and hectic, leading to lost productivity, burnout, and absenteeism. Adults in their prime working years are often forced to take leave or quit their jobs to focus on their loved ones. In fact, caregiving is the number two reason behind retirement that employees leave the workforce. And now a growing shortage of professional care workers is putting even more pressure on family caregivers to fill in the gaps.
“Let’s be clear, I think that this is a crisis moment in our country,” said Lindsay, Jurist-Rosner
It’s essential for employers to understand the challenges faced by their caregiving employees, as this will not only help retain valuable team members but also foster a supportive work environment where everyone can thrive.
3. Providing caregiving support is good business — especially now
We’re facing a very uncertain economic time right now, and we know a lot of companies are tightening budgets and thinking through their expenses, including employee benefits.
“But we’ve seen and really believe that providing caregiving support is good business — that it’s not just an employee perk — especially now, given how much harder and more complex care has gotten for families,” said Lindsay.
Investing in caregiving support can lead to improved productivity, reduced absenteeism, and increased employee retention.
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(Above) Watch Stacy share how they’re thinking about the value and impact of caregiving support at Fidelity.
4. The connection between caregiving, DE&I, belonging, and retention
It’s no longer just ‘attract and retain’: smart employers are realizing that ‘include and belong’ are integral to employee loyalty and retention as well. Watch Paurvi explain how caregiving is deeply rooted in those parts of the employee experience.
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5. How to help employees show up fully at work
There’s no one-size-fits-all solution and employers should take a holistic approach to helping their caregiving employees.
Fidelity has identified three main areas in which they’ve been trying to provide meaningful support: flexibility and manager support, navigating the complexity of caregiving, and assistance in managing the cost of care. Underpinning all of this is a culture of care.
By understanding the challenges faced by caregiving employees and offering practical solutions, employers can make a meaningful difference in the lives of their workforce and create a more supportive work environment for all.
If you want to see more insights from this conversation, watch the full webinar recording here.
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