Caregiving offerings benefit organizations from the top-down
More than one in 10 parents in the U.S. spend approximately three hours a day caring for both children and adults. These “sandwich caregivers,” as they’re commonly referred to, are adults who are raising children while also supporting their aging parents. Caregiving at this level comes with emotional, financial and physical challenges – but as many are recognizing, it is becoming the new normal for many households.
In addition to their at-home responsibilities, many of these sandwich caregivers are also still in the workforce, demonstrating a need for caregiving benefits from employers. And it’s not just the employees who benefit from these offerings, it’s a good business decision for employers too.
A standout tool for retention and recruiting
According to a study from Vivvi, 67% of respondents have considered leaving their job in the last year and 42% of those say that they stayed because of their employer’s caregiving support. If they were offered backup of subsidized childcare, 59% of respondents would be likely to stay put for at least four years. There’s a desire to grow with the same employer, but without adequate childcare, 64% reported that their care responsibilities have a negative impact on their ability to take on extra work or business development.
And for those on the job hunt, childcare support ranked in the top three of most-wanted benefits, even ahead of a 401K.
Unlocking employee potential
For parents, knowing their kids are safe and cared for while at work is the number one ranked work motivator according to the Vivvi study. If childcare support were offered, 57% of respondents say they would take on higher-level work. The same can be said for caregivers of aging parents or loved ones; having that peace of mind opens the door for productivity and efficiency in the workplace.
Good for the bottom line
And there aren’t just productivity benefits for an organization but financial ones as well. According to Vivvi, every dollar invested in caregiving benefits yields a return on investment of nearly 18 times. The financial returns for employers make offering caregiving benefits a win-win scenario.
As 73% of American workers are caregivers either of children, loved ones or aging parents, the need for caregiving benefits is clear. It’s why, at Point32Health, we prioritize family-centered care. Part of our benefits package for our own employees includes Wellthy, a personalized care concierge that provides a dedicated care expert for a variety of caregiving needs. Anything from finding the right daycare to organizing a move into assisted living for an aging parent, Wellthy has hands-on support to help members navigate caregiving. Wellthy has also been made available to some of our membership base through Harvard Pilgrim and Tufts Health Plan.
Our viewpoint: How we work
“Every caregiving situation comes with its own unique challenges,” says. It’s why, in addition to offering resources like Wellthy to colleagues, we prioritize flexibility by redefining what the workday looks like while supporting our members.” – Pete Church, Chief People and Culture Officer at Point32Health
At Point32Health, that redefined flexibility is tied to what works best for each colleague and their team, while still meeting the needs of the customer. For some, that may mean coming into the office once or twice a week to connect with their department in person; for others, that could mean starting their workday early to be able to take a break in the afternoon to pick up their kids from school or bring a loved one to an appointment.
Pete goes on to share that a hybrid work environment doesn’t necessarily mean coming into the office on a set number of days a week. “It is less about reframing where we work and more about how we do it.”