As the financial burden of family caregiving increases, here’s how employers can help.
Today, more than one-third of caregivers are employed full-time. They work a variety of shifts and are responsible for caring for their loved ones. As these spouses, children and others assume support responsibilities, public and workplace policies are needed to account for financial support or other supports such as family leave or vacation allocations.
AARP Public Policy Institute recently released a new valuation report on the challenges of family caregivers. The report documents a “shadow economy” in which unpaid family caregivers are the backbone of our country’s long-term care system.
According to the report, tens of millions of family caregivers provide 36 billion hours of care worth $600 billion each year. This is more than all out-of-pocket health spending in 2021.
As the population ages and care needs continue to increase, the economic burden of informal care will continue to increase. In today’s caregiving environment, companies are grappling with unique challenges on how to implement organizational and systems-based strategies to support family caregivers.
Ai Jen Poo, co-founder and president of the National Domestic Alliance (NDoS) and co-founder and director of Caring Across Generations, a Next Avenue influencer on aging, said: . “Workplaces that understand this reality and have workplace cultures that support caregivers are also the ones that are best able to retain talent,” she said.
risk of loss of income
One of the key issues addressed in the AARP report was the impact on employment of working caregivers.
The report found that caregivers face financial risks, including loss of income, reduced job opportunities and savings, and reduced Social Security and retirement benefits. This burden can also have a negative impact on businesses due to reduced employee productivity and the potential for more serious health risks.
Learn more: Here’s how much money Americans lose as unpaid family caregivers.
With 61% of family caregivers working full or part time, it’s likely that many of you are caring for a loved one while you’re at work. They may have been caregivers for a long time or have suddenly taken on that role. For the first time, these individuals must deal with navigating a complex web of health and support services.
Juggling work schedules and challenges at home can impact the emotional and physical health of family caregivers. Working caregivers often report emotional distress, psychological illness, and physical health problems due to the competing demands of care and employment.
Current research shows that 81% of workers face some form of fatigue or mental health issues, and 68% say these issues disrupt their daily work. Change will be needed as we live longer but not necessarily healthier.
Toxic stress affects how we age, including those who care for us, said Dr. Martin Picard, associate professor of behavioral medicine and associate professor of behavioral medicine at Columbia University’s 2022 Age Boom Academy. He said, “Genes do not shape health. “Stress determines your health.”
Another cause for concern was Dr. As Sheria Robinson-Lane notes, there is a high incidence of alcohol use among caregivers, especially those caring for loved ones in the early stages of the dementia process. She is an assistant professor at the University of Michigan School of Nursing, where her research focuses on the effects of stress on caregivers.
“It’s not something we talk about very often,” she said.
One approach is to give employees the ability to take paid time off or vacation days. This may be your company’s communication blueprint, but some employees, especially junior employees or certain minority groups, may not feel comfortable doing so. Workers in these positions are more likely to face disadvantages when providing care to their families.
Employees should be empowered to ask for what they need, regardless of their level, but this can only happen in a healthy work environment where all employees are respected and appreciated.
plus: No Need to Decorate the Hallways: A Holiday Survival Guide for Family Caregivers
How employers can support caregivers
“For example, in the states where we have passed legislation, domestic workers have a real standing to begin negotiating with their employers about their terms and conditions of work,” said Ai Jen Poo. “It’s not the end. That’s just the beginning. It all starts with laying the floor. Much more can and will be done.”
It is possible to create a good working environment regardless of whether it is a hierarchical or flat organization. This is because companies must also regard their employees as someone’s family and loved ones. Ultimately, companies and employers can help working caregivers reduce loneliness and isolation. They can use innovative business interventions such as phone-based therapy sessions, online support forums and social group chat apps.
Employers can also implement cost-effective financial wellness programs to help reduce employees’ financial stress and support their financial security.
Also read: 16 Things My Parents Taught Me About Being a Family Caregiver
Various ‘sandwich generations’
Another prominent issue in the AARP report was the balancing act of the “sandwich generation” caregivers. According to the report, in 2019, approximately 30% of family caregivers of older adults in the United States lived in households that included children or grandchildren. These caregivers are increasingly becoming Gen Z and Millennial caregivers and are more likely than other caregivers to work while carrying out their caregiving responsibilities.
The same is true in ethnic communities where the culture is centered around family. Currently, 30% of caregivers identify as a racial or ethnic minority. This number is expected to increase as the older adult population becomes increasingly diverse.
Minority caregivers are more likely to live in multigenerational households, and various cultural factors may influence their experiences. More than half of millennial caregivers are minorities and often balance caregiving and employment.
Latino millennials in particular work more hours on average each week and spend more time providing care than young adults of other backgrounds. Additionally, they are more likely to live in multigenerational households.
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If caregivers continue to leave the workforce and take up caregiving positions, their country’s economic growth could be stunted and gender and socioeconomic inequalities could further widen. Public policy and workplace programs must find solutions to reduce the impact on the economy, caregivers, and families.
Sophie Okolo is a Forbes contributor, Columbia University Age Boom Academy Fellow, and TEDMED Research Scholar. She is the founder and host of Global Health Aging, a creative consulting and award-nominated resource providing diverse opinions, news articles, and innovative research on longevity and healthy aging.
This article is reprinted with permission from: NextAvenue.org©2023 Twin Cities Public Television, Inc. All rights reserved.
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